Spain’s top energy company and one of the world’s largest utility companies, Iberdrola, has selected Itron’s (ITRI) smart meter technology for the first phase of its smart meter rollout.  Itron will provide the development and integration of the smart meters and the data management software to go with it.  The initial deployment calls for 100K meters in the city of Castellon, Spain to be completed by the end of this year with the potential for 10 million countrywide in the years to come.  It should be noted that Itron isn’t sole provider of the smart meter systems for this project.  Financials of the deal haven’t been reported.

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Itron’s internation COO, Marcel Regnier, commented: “Itron is delighted that its industry expertise and project experience will help lay the foundation for a state-of-the-art smart metering architecture in Spain.  Itron offers a high-performance, scalable and future-proof system that will allow Iberdrola to manage a seamless evolution to large-scale deployment. We are confident that this project will showcase the benefits of Itron’s smart metering solutions to both Iberdrola and its customers.”

Shares are flat today, but have reclaimed support of the 200 day moving average.  In my opinion, shares of ITRI offer a nice entry following the correction in recent weeks.  I picked up shares back in February when it hit the 200 day moving average and again a few weeks ago around the $66 level.