All meters have a manufacturer's warranty date which means they are guaranteed to work within that time frame although sometimes they do go haywire before then. Yes, I have actual insider knowledge because I used to work for a utility company, both before and after the markets opened up and you could choose your supplier. As part of my training I went out with meter readers and saw meters changed for out of warranty because if I am going to book those types of jobs in I need to see the conditions in which the meter people worked.
You don't own the meter, it belongs to the supplier and they need to ensure their equipment works, I am sure you would be mightily pissed off if your out of date warranty meter ran fast and charged you more. Before smart meters meter readers were required by regulation to visually check meters a certain number of times a year, less so rurally as more difficult to get meter people to. However now with smart meters they are read far more frequently and the system is able to monitor that the meter is working within parameters.
Smart meters feeding back information to suppliers ie Octopus meant I got free electricity and also got paid not to use as much during certain time frames, usually an hour. This was offered to everyone and you could opt in. We just ate slightly later as the oven went on later.
Yes the fear is that they can turn off your meter remotely should there be blackout requirements but considering they did this in the 1970s before smart meters do you not think there is a way that electricity companies can already do this? Of course there is.
One of the benefits of a prepayment meter for people is to see the amount of electricity they are using. As I am with Octopus and on a smart meter I can see when the most electricity is being used, show my children so that they in turn can have a quicker shower and be aware of things like gas, electric and water that they too will one day pay in their own homes.