Installing smart meters throughout Northern Ireland's electricity network will cost more than £500 million, according to officials at Stormont. The expense will pass to consumers through electricity bills.

Smart meters send automatic readings to energy suppliers and show households their usage and costs. A rollout forms part of Stormont's energy strategy, with work underway since 2021.

DUP assembly member Diane Forsyth questioned Utility Regulator officials on the projected expense during a session of Stormont's economy committee. Brian Mulhern, the regulator's director of networks, stated the total could reach late hundreds of millions after accounting for IT costs.

Mulhern noted that costs to consumers require further assessment and vary by recovery periods. He indicated IT systems might spread costs over 10 years, while meters could extend to 15 or 20 years.

A 2022 cost/benefit analysis by the Department for the Economy found modest consumer gains, primarily from lower usage.

Modernising Northern Ireland's electricity system affects bill components. Power NI, the biggest supplier, increased prices by 4% in September due to higher non-energy costs, not wholesale prices, the regulator explained. These cover grid stability and renewable energy infrastructure for climate targets.