By Maryam Cockar

Electricite de France SA (EDF.FR) will pay 350,000 pounds ($463,406) to Britain's energy regulator after the supplier missed its target to install smart meters for its U.K. customers last year, the Office of Gas & Electricity Markets said Friday.

Ofgem said that under the U.K. government's smart-meter rollout program, suppliers are required by law to install smart meters in all homes and small businesses in the country by the end of 2020.

To meet this, suppliers set individual yearly targets to install smart meters. Ofgem said EDF failed to meet its target for 2017 on time, only doing so by January this year.

EDF has agreed to pay GBP350,000 into Ofgem's consumer redress fund and the regulator said that it won't take formal enforcement action against the supplier.

Write to Maryam Cockar at maryam.cockar@dowjones.com

(END) Dow Jones Newswires

June 15, 2018 02:57 ET (06:57 GMT)