MIC CEO discusses smart meter benefits

Smart meters have made some inroads into the country, especially in Victoria, and will become more ingrained in the energy sector over time.

Tim Wolfenden, the chief executive of Make It Cheaper - a comparison and switching service - says that electricity suppliers and consumers will be using them more and more.

He commented: "Victoria has a greater penetration of smart meters than other parts of the country, with a developing industry looking into understanding how data produced by smart meters can be examined by small businesses and households.

"For people who want to use that information, it can and will become powerful as they can take control of their usage and costs and retailers will also be able to engage with smart meters and offer them more competitive pricing."

Tim used as an example, people who don't use air conditioning as a group who might find huge savings on their power bills during times when others are using theirs.

People who don't use air conditioning at times when others are most frequently using theirs are an example of a demographic that could save a lot of money, through a different pricing structure, Tim stated.

Between 5 and 8pm, when people probably use air conditioning to cool their homes, energy costs could be quite high, but those who don't use air con could potentially be charged about a tenth of the cost if they sought out a different pricing structure.