* Operating income fell 1.4% to $844 million
* Operating margins declined to 2.8% from 3.0% a year ago and from 3.2% two years ago
* Net income (after net interest expense and income taxes) fell 5.7% to $515 million.

The inaccurate readings are attributed to the energy meter’s design, together with the increasing use of modern (often energy-efficient) switching devices. Here, the electricity being consumed no longer has a perfect waveform, instead it acquires an erratic pattern. The designers of modern energy meters have not made sufficient allowance for switching devices of this kind.

When they dismantled the energy meters tested, the researchers found that the ones associated with excessively high readings contained a ‘Rogowski Coil’ while those associated with excessively low readings contained a ‘Hall Sensor’. Frank Leferink (Professor of Electromagnetic Compatibility at the UT) points out that “The energy meters we tested meet all the legal requirements and are certified. These requirements, however, have not made sufficient allowance for modern switching devices.”