We've had "smart meters" here for years, but in the US electricity rates are regulated by each state. My electric company is called "MidAmerican," one I chose almost two years ago now to get a good introductory rate. I'll probably change at the end of that contract to get another good introductory rate if this company offers to continue but at a higher contract rate (we have a web site called "Power To Choose" where all of the offers and some of them with very confusing offers appear). But regardless of what company I choose to pay for my electricity, there is another larger company that actually is in charge of the electric lines and the meters, called Oncor. So they installed my meter and I can address it to see when I'm using the most power, and if I do things like set up my washer on the timer so it runs at 4am instead of in the middle of a hot afternoon, then some companies offer free or cheaper power overnight to lure people to use off-peak power and not strain the electric grid. The company I'm with now has a remarkably jargon-free list of conditions to do with contracting for their power and they offered all of the usual things I wanted - the ability to pay by check, by debit card, or by credit card (what I prefer), and not have a convoluted pricing structure of "if you use 0-500kW the price is this, then from 501-1000kW it jumps to this rate, and 1001-2000kW it is this rate. . ." Seriously - there are companies that pull these big math switcheroos, so you pay a minuscule price up to 500kW but then it jumps way high (and the result is it averages out between the two rates) and then it comes down for the third rate. But it's higher math to figure out what your bill might be. You need to look at all of your past year's bills and figure what each month would cost to see if they're actually offering a bargain, and generally they're not, they're hoping people won't look past the first low price.

If you're still with me, there's more. Every year or two, depending on how long you signed up for an introductory rate, if you haven't signed up for a new company or a new contract with the old company, the rate then jumps up to whatever the high rate is that the local "default" electric (TXU) is charging. So paying attention to contract periods is critical. Every January 1 I know I have to download spreadsheets after I've eliminated the offer periods and types I don't want, then do the math.

Smart meters don't make a difference as far as what company is offering the rates, but they do let you look at your usage if it matters because of the plan you chose, if you got sucked into one of those "free nights and weekends" plans, etc.

Your electric bill has several parts. It has the total cost (lets say it is .8 per kWh) then .3 of that will automatically go to Oncor (the folks with the wires and meters and who come out when the power is out in a storm) and that doesn't change, no matter what company. The next .5 goes to the company, but they have to pay a fraction to the state, to the federal government, and to a couple of funds that are there for various big state projects or to cover indigent homes that can't pay the bill but have individuals with health problems so the power can't legally be turned off.

By the way, you've probably heard of Warren Buffett. His company owns this power company, and I'm sure that is the reason their contract and offer and methods of operating are so transparent and easy to understand. He just doesn't appreciate the bullshit most of the companies pull, so if their regular (after the introductory offer) rate is competitive, I might extend my contract, just to support the company because of its business practices.

Now, the question of a smart meter doesn't sound so complicated, does it?