Smart meters allow customers to control their energy consumption and manage costs.
Smart meters will provide a catalyst for a more efficient and smarter energy system as well as data to make investment decisions for the UK’s energy infrastructure, he added.
More than a million homes in the UK have had smart meters installed and the government aims to roll out the technology across the country by the end of 2020.
Lord Bourne added: “The benefits of smart metering must be delivered in the real world. We know that smart metering can and will transform the industry so the watchword of the coming years is delivery – as this is the only way that benefits will be delivered for British energy consumers.”