ScottishPower owner sells UK smart meters business – Daily Business

ScottishPower parent Iberdrola is selling its smart meters business in the UK to Macquarie, the Australia-based financial services group, in a deal worth £900 million.

The transaction, which is subject to approval by the UK’s competition authority, is expected to complete in the third quarter of 2025.

SP Smart Meter Assets currently manages 2.7 million meters while Macquarie is currently one of the largest providers of independent electricity meters in the UK.

Established in 2003, its meter business currently manages more than 10 million meters in total, including 7.5 million smart meters and 2.5 million traditional meters across Great Britain. It has provided more than £1.5 billion in funding to assist with Britain’s smart meter rollout.

As part of the SPSMA deal, Macquarie’s specialised and asset finance division will enter a long-term rental agreement with ScottishPower to provide ongoing smart meter services and support further deployment across the country.

Julian Liddy, senior managing director of Macquarie specialised and asset finance, said there would be consumer benefits from the deal.

“We are pleased to be taking ownership of a business with a track record of strong performance under the management of Scottish Power and look forward to supporting its further growth,” he said.

By the end of 2024, 38 million smart meters were installed in British homes and small businesses with support from the Smart Meter Rollout Programme, led by the UK energy regulator (Ofgem).