"The government have just released their long overdue assessment of the cost of the country’s smart metering program. Hidden among the figures is the amount of money that they have spent. So far, they have squandered £450 million on the project, despite the fact that not a single compliant smart meter [which conforms to their specifications] has been installed in any house. By a strange coincidence, that’s exactly the same amount as the shortfall in BHS’ pension fund which occurred when Philip Green flogged off BHS."
The government were aiming to install 53 million new gas and electricity meters in British homes by 2020. Half of these were expected to be installed by 2017, when there would be a project review. The estimated cost of £10.98bn has been underestimated by at least £1.6bn, because they have forgotten to include the cost of smart gas meters. The true cost could amount to at least £14.67bn, which equates to about £560 per household.
The design of smart meters in Britain means that if they are hacked, power could be turned off for large chunks of the country, causing massive damage to the grid. When questioned on the sense of this design in meetings at DECC the reply from utilities is “why would anyone ever do that”. You can read the whole saga at the link at the start of this post.