HomeBUSINESSAdani Electricity to invest ₹500 cr for smart meter installations in Mumbai

Adani Electricity to invest ₹500 cr for smart meter installations in Mumbai


Adani Electricity Mumbai Limited (AEML) said on Tuesday that the company is investing 500 crore to install smart meters in Maharashtra’s capital city. It also said that in the first phase, the smart metres will be installed for seven lakh consumers by the end of 2023. The remaining 20 lakh consumers will get smart meters by the end of FY25.

The power discom has so far installed 1.10 lakh of smart meters as part of the first phase, the remaining 5.90 lakh will be installed by 2023-end, chief operating officer Kapil Sharma said.

The meters will help consumers to get real-time updates on power consumption, and also enable the company to improve its collection efficiency in case of non-payment as it can disconnect a meter remotely, the chief operating officer said.

Each unit of the smart meter costs up to 1,000 extra, but the savings in the operating expenses accruing over time outweigh the costs borne upfront, the company’s managing director and chief executive Kandarp Patel said.

While the customers will bear the cost of the additional expenditure, the energy bill hikes will be “insignificant” in view of the advantages of such meters, the company’s MD said.

The company MD also said that the AEML has been investing up to 1,500 crore per year in various technology and network improvement initiatives. The same rate of investments would be continued for the next two years.

A video chat facility has also been introduced for consumers, an artificial intelligence-powered chatbot and also kiosk machines for bill payments.

Meanwhile, 8,500 electric vehicle (EV) charging stations by investing 32 crore is also being planned, the AEML managing director said, adding that work on the home automation front is also on.

He said the Kharghar-Vikhroli transmission line project is now going at the desired pace and it should be commissioned by May next year.

(With agency inputs)

Catch all the Corporate news and Updates on Live Mint.
Download The Mint News App to get Daily Market Updates & Live Business News.


Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.


Source link


Most Popular

Recent Comments