EDF Energy is to pay out £350,000 after missing its target to install smart meters for customers last year, Ofgem has announced.

The regulator found that EDF failed to meet its annual installations target for 2017.

It met its target for last year in January this year, less than one month after the deadline.

“Ofgem is closely monitoring suppliers’ approach to the rollout of smart meters and will hold suppliers to account if they do not meet their obligations,” the regulator said.

EDF will pay the money into Ofgem’s consumer redress fund, which supports consumers in vulnerable situations and the development of innovative products or services not currently available.

Because of this contribution, Ofgem has decided not to take formal enforcement action against EDF.

Smart meter report
Energy suppliers are required by law to take ‘all reasonable steps’ to deliver smart meters to all homes and small businesses by the end of 2020 (Energy Retail Association/PA)

Under the Government’s smart meter roll-out programme, suppliers are required by law to take “all reasonable steps” to deliver smart meters to all homes and small businesses by the end of 2020.

To work towards this, suppliers set individual annual targets for smart meters to be installed for their customers, against which Ofgem monitors compliance.

A total of 11 million smart meters have been installed by all suppliers in British households as of March.