Yesterday, SMS announced that it has extended its relationship with First Utility and signed an exclusive agreement until 31 December 2021 to be its fully integrated domestic smart meter installer and Meter Asset Provider (MAP). This agreement provides SMS with an initial access to up to 1 million meter points, significantly underpinning our forecast of 2.5 meters installed by end 2020. Based on our assumed average supply and install cost (SMETS2 dual fuel), we estimate that SMS will be investin ....
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