Sensus will reimburse $24m to SaskPower for all the meters the latter had purchased, including the installed meters and those that are removed.
In adddition to the reimbursement, SaskPower will receive $18m credit from Sensus for future metering products.
Sensus will also invest $5m for research and development of next generation meter that meets SaskPower’s specific needs.
Besides meeting the Underwriters Laboratories (UL) standards, the new meters will have to pass safety verification by independent third party in Saskatchewan.
SaskPower president and CEO Robert Watson said: "We are committed to developing a smart grid that will serve the unique needs to our province and support our unprecedented economic growth."
"A smart grid will bring significant benefits to our customers, including faster restoration of service following an outage, reduced carbon emissions and more timely and accurate billing."
SaskPower is currently in the process of the removing smart meters and expects the work to be completed by the end of 2014.
