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Genus Power wins 'Innovative Initiative in the Power Sector', 2020 award for its Smart Metering Pilot project in UAE

Posted On: 2020-02-20 16:21:06

Genus Power Infrastructures Limited (Genus), a leading Metering solutions provider & manufacturer for the Power Distribution Industry, has won the "Innovative Initiative in the Power Sector", 2020 award for its Smart Metering Pilot project in UAE. Mr. Rajendra Kumar Agarwal, CEO of Genus, also won "2020 Brand Ambassador" award for his active contribution towards innovative Solutions in Power Sector. The awards were presented during the 5th ANNUAL WATER and ENERGY CONGRESS WEEK (WE WEEK) 2020, held from 10th to 12th February 2020 in Sharjah UAE at Sharjah Chamber of Commerce by Alleem Business Congress (ABC). This annual event is held to address the key global goals on sustainable management of water and sanitation and for ensuring access to affordable, reliable and sustainable modern energy for all. The awards are in recognition of identifying and developing a state-of-the-art energy solution and building a sustainable pathway.

Genus Power infrastructures Limited is an Energy Metering and Solutions provider company and is catering to Asia, Africa and Middle East Asian countries utility requirements. This award strengths Genus presence in UAE and is a proof of its Expansion plans in Gulf Countries.

Commenting on the same Mr. Jitendra Kumar Agarwal, Joint Managing Director, Genus Power Infrastructure said, "We are delighted to have been recognized, for our performance in the field of Smart Electricity Meters. This award is a testament to our skill, ingenuity, and vision to lead this revolution in the smart metering sector.

Smart meters have potential benefits for utility companies and their customers alike. Consumers can learn about their own energy usage patterns and consider altering their behavior so as to gain from off-peak tariffs. And utilities businesses gain not only from reduced AT&C losses but also increased knowledge and control. The greater the level of real-time information that can be gathered, the better prepared utilities companies can be to respond rapidly to peaks and troughs in demand.

Global penetration of smart meters is likely to rise from 41% in 2019 to 59% by 2028, driven by on-going utility investment in grid intelligence, security and edge computing technologies. Indian penetration of smart meters is likely to grow exponentially as a lot of thrust is coming from the central government for deployment of smart meters across India in order to lower the AT&C losses, improve billing efficiencies, reduce DISCOMs' financial woes, enhance consumer convenience and rationalize power consumption.

We provide end-to-end metering solutions to clients with metering communication, services and solutions. We plan to create inroads, in areas where we have robust avenues of earning recurring revenue in form of facility management system (FMS), providing our domain-related software to clients etc."

Shares of GENUS POWER INFRASTRUCTURES LTD. was last trading in BSE at Rs.26.35 as compared to the previous close of Rs. 26. The total number of shares traded during the day was 3689 in over 29 trades.

The stock hit an intraday high of Rs. 26.35 and intraday low of 25.8. The net turnover during the day was Rs. 95864.

Source: Equity Bulls

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