The analysis suggests that suppliers will need realistic installation targets to achieve the goal within the next two and a half years.
By the end of 2023, all suppliers are expected to achieve a target coverage of over 50%. However, only five suppliers had target coverages above 60% for 2023, according to the report.
Consultants say that E had the highest target coverage in both 2022 and 2023, with a goal of 64% and 72% respectively.
So Energy saw a significant increase in its 2023 target coverage, rising from 33% in 2022 to 57%.
Some suppliers missed their 2022 targets due to tolerance levels not accounting for suppliers gaining customers through the Supplier of Last Resort process. This will make reaching this year’s targets even harder. the consultancy has predicted.
A Department for Energy Security and Net Zero spokesperson told ELN: “Smart meters are making our energy system more efficient and flexible, and there are now more than 30 million installed in homes and small businesses across Great Britain.
“We require energy suppliers to work towards annual targets in order to drive continued investment at scale by industry. Achieving our smart metering targets will help consumers manage their energy use, enable us to use more renewable energy and reduce our reliance on imported fossil fuels.”