Meridian sets up smart meter subsidiary as separate business

State-owned power company Meridian Energy is setting up smart meter subsidiary Arc Innovations as a separate company.

Arc had operated as a strategic business unit of Meridian since 2003, with Meridian investing significantly in Arc's research and development of a smart meter management system, Meridian said today.

The meters use mobile and radio technologies to allow remote reading and remote connections.

They are being used by 7000 Christchurch residential customers to support advanced prepay services, and being put in about 6000 homes in central Hawke's Bay.

Meridian chief executive Keith Turner is to chair the Arc board, while Helen Bremner will continue to head the business as chief executive.

- NZPA