Origin to sell smart metering business

Origin Energy is set to sell off its smart metering business Acumen to intelliHUB for $267 million.

The move has been anticipated since rival AGL sold off its smart metering business in November last year.

On completion of the sale, intelliHUB will comprise of parent company Landis+Gyr’s existing Australian metering services and Acumen’s 170,000 smart meters.

Origin CEO Frank Calabria said in a statement that the company had entered a “competitive long-term” contract with Acumen to continue the delivery of smart metering services to its electricity customers.

He said the arrangement “will support our digital-first strategy of using data and insights to enhance the customer experience”.

The sale is expected to be completed by the end of June this year.

Origin said it will be able to contract other parties to deploy and manage services for the uncontracted balance of its digital metering requirements.