Itron (ITRI) Signs Major Contracts With Indonesian Utility For Smart Payment Meters

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08:35:30 pm on October 27, 2010

Itron (ITRI) has not only announced positive earnings results after the bell today, but they announced some big contract wins with an Indonesian utility as well for 800K smart payment residential meters.  Smart payment technology is becoming more popular in the region and allows utilities to protect revenue and allows users to better manage electricity consumption.  Installation is already underway with more than half of the meters and the rest will be delivered and installed by the end of the year.

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Marcel Regnier, senior VP and COO of Itron International commented, “The smart payment market is increasing rapidly in this region where utilities want to secure their revenue while allowing consumers to self manage their energy bill. As a world leader in the design and manufacture of smart payment technology, Itron has been able to secure the majority share of the three contracts with PLN by demonstrating our responsiveness and ability to meet demanding requirements from the utility. Itron is constantly evolving its technology to offer additional anti-tamper features in order to offer greater revenue protection to our customers.”

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