Until pricing schemes change, utilities stand to benefit greatly from smart meters--at the expense of customers.

"Business? That's easily defined," wrote Alexandre Dumas. "It's other people's money." Utility companies appear to have taken Dumas' words to heart when it comes to the smart grid.

Power companies across the U.S. have installed millions of home smart meters, devices that promise to intelligently cut power use, trim electric bills and ultimately cut greenhouse gas emissions.

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"You'd be led to believe that you put in real-time pricing and a nice Web site and immediately get a 15% reduction in energy use," says Accenture's Guthridge. "But reality is quite different," and big hurdles remain in getting customers, most of whom are accustomed to pay little attention to their power bills, to micromanage their energy use and accept energy market price risk.

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