The European Investment Bank (EIB) has approved financing worth €1 billion (£0.9bn) to roll out smart meters in Italy.
The first tranche of €500 million (£451m) has been signed by the EU bank and Enel Group.
Its power distributor e-distribuzione aims to install around 41 million new generation ‘2.0 meters’, of which 32 million will replace the current first-generation meters, while the remainder will be used for new connections and customer requests.
Energy distributors must replace the meter currently in use with new generation meters in order to adopt smart measurement systems that meet EU energy efficiency requirements.
Enel CEO Francesco Starace said: “These second-generation electronic meters will open up a world of possibilities and services to houses, firms, offices and shopping centres, combining consumer protection with technological innovation. This represents a genuine leap in performance, which will place Italy at the cutting edge of electricity distribution worldwide.”