Itron (ITRI) has begun a 3 year deployment of 4 million OpenWay smart meter systems for So Co Edison’s residential and small commercial customers.

Senior VP of SCE, Lynda Ziegler, said, “These new digital, secure, two-way communicating meters will measure electricity usage up-to-the minute and, when fully implemented, will enable customers to track how much they use, and how much it costs them. As part of its Edison SmartConnect(TM) program, SCE plans to offer customers time-of-use rates, as well as peak-time rebates and critical-peak pricing programs–all of which are immediately supported within the new AMI system. Many of these advanced features and functionality will go into effect in the second half of 2010.”

Itron stock has had a tremendous run in the past few weeks, but overbought and hitting some resistance.  In my opinion, a pull back to the 60 – 62 range offers another great long term entry point.