Energy Assets (EAS) has won a major contract to install smart gas meters for around half of British Gas's business customers in the UK.
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The agreement represents a step-change to the company's meter installation volumes in the short term, while also securing a long-term recurring revenue stream. Details were scarce in terms of quantities and timelines due to customer confidentiality, but broker Numis Securities expects Energy Assets to install an additional 8,000 to 10,000 meters per year under the new contract, significantly boosting its existing run rate of 21,000 meters per year.
