Energy, Investments, Lithuania, Technology

Ignas Pranskevicius, director of the Service Division at the state-owned electricity and natural gas distribution company, says that smart meters will help households save at least 7% of electricity per year.

"We have completed a cost-benefit analysis and presented the project to the Energy Ministry, where we have the support. The project is included in the National Energy Independence Strategy. We have presented (the project) to the (National) Commission for (Energy Control and) Prices," Pranskevicius said in a news conference on Thursday.

"Without waiting for decisions, we are starting work on the public procurement documentation. We are planning to launch public procurement processes early next year and to begin the mass installation in 2019," he added.

According to the director, a pilot project that involved installing nearly 3,000 smart meters in Lithuania has shown that smart metering allows households to control their energy consumption and save money.

The cost-benefit analysis carried out by Ernst & Young shows that a 219-million-euro preliminary investment would generate an estimated 88 million euros in total economic benefit to the country.