Foresight Metering Limited (“Foresight Metering”), a second-generation meter asset provider (“MAP”), is delighted to announce the appointment of Volker Beckers as Non-Executive Chairman. MrBeckers has most recently held executive roles at RWE where he was Group CEO at RWE npower until 2012, following a six-year stint as Group CFO.
Volker joins Foresight Metering with significant experience working at key industry stakeholders including roles at Danske Commodities, Albion Community Power, Reactive Technologies and PwC’s Advisory Board. Volker’s experience includes Non-Executive Directorships in both the public and private sector including Nuclear Decommissioning Authority and Elexon as well as close links with academia and think tanks. He was presented with the Outstanding Contribution Award at the 2012 Energy Awards in London.
Foresight Metering was launched not only to disrupt the energy metering market with innovative solutions and value for money prepositions but also to help households and energy suppliers alike manage services with flexible financing offerings and transparent risk management. Foresight has a five-year track record of funding smart meter installation in the UK, having to date invested £75 million of debt and equity into more than 205,000 smart meters across the UK.
Foresight Metering has started a programme of regular Smart focused events at its offices across the UK, to assist energy suppliers (both large and small) and key stakeholders with untangling the challenges of smart meter roll outs to December 2020 and beyond. Themes include keys differences between SMETS1 and SMETS2, energy suppliers’ pre-installation responsibilities and SMETS2 installation and congoing management challenges.
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Volker Becker’s wealth of knowledge and expertise will be key as Foresight Metering looks to work with some of the country’s leading energy providers in the nationwide installation of smart meters. In addition, Foresight Metering has aspirations to become a leading smart meter financier in international markets such as Australia and India. Foresight believes smart metering is the future and in the context of the Government’s most recent planned introduction of price caps for Standard Variable Rate tariffs to protect the most vulnerable of consumers, the lower household bills will become a very attractive option.
Tom Thorp, CEO of Foresight Metering, said: “We are delighted to welcome Volker to the Board of Foresight Metering as Non-Executive Chairman. His extensive experience in the UK energy sector will be invaluable as we continue to work alongside the challenger energy suppliers to facilitate the low-cost roll-out of smart meters in UK residential, commercial and industrial premises.”
Volker Beckers, Non-Executive Chairman of Foresight Metering, added: “I am thrilled to accept the appointment. Foresight is a specialist in energy infrastructure and energy efficiency and has a long track record of delivering innovative financing and management solutions to its energy supply partners. Foresight Metering’s established position in the meter market enables it to be well placed to capitalise on the growing number of meter rollout opportunities created by GB’s smart meter revolution. I am looking forward to working closely with the team at this exciting time.”
Foresight Metering cites five key features which it believes sets smart metering apart from the traditional gas and electricity metering.
- Control – The rollout of the new generation of smart meters (SMETS2) offer consumers an in-home display (IHD) that allows consumers to view and control their energy usage. The IHD provides consumers with the cost of their usage in “pounds and pence” with access to daily, weekly and monthly summaries. The SMETS2 Home Area Network created by the smart metering system also provides consumers with the ability to connect other devices to aid in their ‘in home’ energy management.
- Efficiency – consumers can make real time decisions on their gas and electricity usage to aid in keeping bills under control. The SMETS2 meters also send back data to key Industry parties such as Network Distributors to better match supply and demand and drive the creation of Smart Grids
- “Granular” Consumption Data – SMETS2 meters will enable energy suppliers to collect regular consumption data from meters allowing customers to be billed for their actual usage resulting in no more estimated bills. The consumer can also pass this consumption data to other Industry parties, such as price comparison websites to allow them to shop around for the best tariff for their usage profile.
- Market Innovation – SMETS2 meters and the wealth of data they hold, will drive Industry to offer new and innovative products to consumers. “Pay as you Go” payment options for both domestic and non-domestic customers, “Time of Use” tariffs in the domestic market and microgeneration/battery storage are all expected to become readily available as the number of SMETS2 meters installed in Great Britain increases.
- Switching – SMETS2 will be connected to new, dedicated and secure communications networks and systems. This will allow energy suppliers to offer faster, less onerous switching to enable consumers to move to the best deal for them.