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With more frequent reads, utilities can charge for energy based on the time of day. They can also verify and even enforce curtailments for demand response programs, and provide net metering of on-site renewable energy.

All of this makes energy consumers more active participants, so we can influence our own electricity costs.

But utilities are in the business of selling electricity. Why would they invest millions in technology to help us buy less? Because their other choice is to build very expensive power plants and lines.

With a two-way automated meter infrastructure, a utility can pinpoint power outages very quickly. They can turn power on and off remotely, and even reach through the meter to control loads within the customer's home or building.

With all that activity, the reliability of the network becomes pretty important. And reading millions of meters several times a day means managing mountains of data. Some people are concerned about the privacy and security of all that data -- in the wrong hands it could be used nefariously to peer into our business activities... or our private lives.

In the smart meter race, the leaders are Italy and Sweden. Optimists say by 20-12 many utilities in North America will have smart meters in place. Some already have them, and Canada and California have aggressive plans of their own.