I have searched the web for a definitive explanation for how Smart Meters work. It is a little technical but explains a lot…
http://www.smartmetereducationnetwork.com/uploads/how-to-tell-if-I-have-a-ami-dte-smart-advanced-meter/Itron%20Centron%20Meter%20Technical%20Guide1482163-201106090057150.pdf
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