Societe Monegasque de l'Electricite et du Gaz

What Societe Monegasque de l'Electricite et du Gaz does

SMEG is the exclusive public service concessionnaire for the distribution and supply of electricity, natural gas, and urban heating and cooling across the Principality of Monaco, operating under a state-granted concession renewed in 2009. The company manages a vertically integrated infrastructure footprint spanning 167 km of electricity network (63 kV/20 kV source substations at Fontvieille, Sainte-Devote, and Monte Carlo), 30 km of gas network, and the SeaWergie trigeneration plant that recovers energy from household waste and uses seawater drawn from 110 m depth to deliver heating and cooling to approximately 33 connected buildings. All electricity meters in Monaco are smart meters under the Nexio platform, which provides near real-time consumption data to customers via the smeg.energy digital customer area.

SMEG monetizes its position through a tiered, usage-based tariff structure (Go rate for residential customers at 3–36 kVA with 100% renewable electricity, BT+ rate for professionals at 42–240 kVA with four time-of-use periods, and HTA rate for large users above 250 kW), recurring gas subscriptions across Base/B0/B1/B2I tiers, and subscription-based delivery charges for SeaWergie heating and cooling. Adjacent revenue streams include electric mobility (EVzen charging infrastructure, Mobee 55-vehicle car-sharing fleet), photovoltaic project management (SunE with 15-year ownership transfer), AI-driven building energy monitoring (smart+), carbon offsetting (eco2), and safety inspection services (Serenis). The company is structured as a Société Anonyme Monégasque with €22.95 million share capital, majority-owned by ENGIE (64%), with the Monaco State holding 20% and EDEV (EDF Development) holding 15%.

SMEG employs 130 full-time staff and operates from headquarters at 10 avenue de Fontvieille with a customer boutique in central Monaco. The company holds ISO 9001, ISO 14001, and ISO 45001 certifications under an Integrated Management System, and co-owns Monaco Energies Renouvelables (M.E.R.) with the Prince's Government, a vehicle that has accumulated over 169 MW of operational solar and wind assets to back the territory's renewable electricity supply. Reported operational metrics include an average electricity cut-off time of 10 min 10s per customer in 2019, down from 46 min 10s in 2018, and 6,000 tonnes of CO2 avoided annually through SeaWergie heat production.

Name

Societe Monegasque de l'Electricite et du Gaz

Legal name

Société Monégasque de l'Electricité et du Gaz – SMEG

Website

https://smeg.mc

Company type

Private

Founded year

1976

Operating status

Operating

Headcount range

101–250 employees

Short description

SMEG is the exclusive public service concessionnaire distributing and supplying electricity, natural gas, and urban heating and cooling throughout the Principality of Monaco, serving all residential and professional customers in the territory under a state-granted monopoly.

Ownership category

akta.pro rank

Product category

Public Utility Energy Distribution

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Distribution (221122), Natural Gas Distribution (22121), Steam and Air-Conditioning Supply (221330), Electric Power Transmission, Control, and Distribution (22112), Electric Power Generation (22111)

SIC

Electric, Gas & Sanitary Services (4900), Electric Services (4911), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Regulated Residential & SMB Retail Supply (Default/Standard Offer) (EUAGABAA)

akta.pro secondary industries

Retail Supply + DER/Virtual Power Plant Bundles (Solar, Storage, DR) (EUAGABAI), Charging Network Operators & CPOs Offering Smart Charging/V2G (EUAFAMAD), EV Charging–Integrated Retail Supply (Home/SMB) (EUAGABAJ)

Keywords

• Electricity distribution services
• Natural gas distribution
• Urban heating cooling
• EV charging infrastructure
• Smart metering solutions

Headquarters

HQ city

Montecarlo

HQ country

Mexico

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D, Others

Revenue model

1. Electricity Distribution and Supply: SMEG distributes and supplies electricity throughout Monaco under a public concession. Revenue is generated through electricity consumption charges based on contracted power levels (Go rate: 3-36 kVA, BT+ rate: 42-240 kVA, HTA rate: over 250 kW) and rate options (base or peak/off-peak). Contracts are signed for a minimum period of 1 year and automatically renewed. Meter reading occurs via smart meters (Nexio) for electricity, remotely, and on-site every 3 months for gas.
2. Gas Distribution and Supply: SMEG distributes and supplies natural gas in Monaco. Gas rates vary by annual consumption and service tier (Base, B0, B1, B2I). Revenue is generated through subscription fees and per-kWh charges. Gas supply since 1 January 2019 is sourced from Gaz de Bordeaux.
3. Urban Heating and Cooling (SeaWergie): SMEG operates and charges for the urban heating and cooling network serving connected buildings in Monaco. Revenue is generated through heating and cooling delivery charges to approximately 33 connected buildings.
4. Digital Services and Products: Additional revenue streams include smart+ energy monitoring services, photovoltaic project management (SunE), EV charging infrastructure services (EVzen, Mobee car-sharing), safety inspection services (Serenis), and carbon offsetting products (eco2).
5. Photovoltaic Services (SunE): SMEG provides project investment and feasibility studies, handles administrative formalities, ensures operation of installations, and customers can become owners at the end of a fifteen-year period.
6. Electric Mobility (Mobee, EVzen): Car-sharing service (Mobee) with 55+ vehicles available 24/7, and EV charging terminal rental/purchase (EVzen) with no-commitment rental or purchase models.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels7 records

Core offering

SMEG distributes and supplies electricity, natural gas, and urban heating/cooling to all customers in the Principality of Monaco under a state concession, operating the full electricity network (167km of cables, 3 HVB/HVA substations) and gas network (30km). It complements these regulated utility services with smart metering (Nexio), EV charging (EVzen), electric car-sharing (Mobee), photovoltaic installations (SunE), carbon offsetting (eco2), safety inspections (Serenis), AI-based energy monitoring (smart+), and the SeaWergie trigeneration urban heating and cooling network serving approximately 33 connected buildings.

Product overview

SMEG operates as a multi-service energy utility offering a comprehensive portfolio of electricity, gas, and renewable energy products organized across three rate tiers (Go, BT+, HTA) differentiated by customer segment and power requirements, supplemented by smart technology solutions (Nexio smart meters, smart+ AI monitoring), sustainable energy services (SeaWergie trigeneration, Sune photovoltaics, eco2 carbon offset), mobility offerings (EVzen charging, Mobee car-sharing), and digital services (e-Bill, Monthly Invoice, customer portals). The architecture combines regulated utility services with value-added commercial products and digital platforms, all accessible through unified customer areas for both residential and professional segments.

Differentiator

Problem solved

Functional benefit

Brands

• mobee: 100% electric car-sharing service in Monaco with 55 vehicles available 24/7
• EVzen
• seaWergie
• SunE
• Nexio
• smart+
• eco2
• EGEO
• Serenis
• W.All
• PrécoMonox

Quantifiable outcome

• Average electricity cut-off time per customer: 10 min 10s in 2019 (down from 46 min 10s in 2018)
• +5 more outcomes

Named customers5 records

Ideal customer profiles3 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature7 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Societe d'Exploitation des Ports de Monaco (SEPM)minorStrategic or Co-development Partner · 1 January 2012Partnership contract relating to electricity distribution facilities in Monaco ports, signed in 2012 for 10 years. Covers maintenance, operation, electrical work and technical assistance for electrical installations in Monaco ports, including dedicated transformer substations for superyacht supply.
• Monaco Energies Renouvelables (M.E.R.)coreStrategic or Co-development PartnerM.E.R. is a jointly-owned company between the Prince's Government and SMEG, created in 2017 to enable Monaco to have 100% green electricity production capacity equivalent to its consumption. M.E.R. has acquired three wind farm projects developed by ABO Wind (two in Charente, one in Cotes-d'Armor) with Vestas and Nordex turbines. The company has exceeded 169 MW of operational assets across solar and wind installations.
• Government of MonacocoreStrategic or Co-development PartnerPartnership with the Government of Monaco for the smart+ programme deploying energy monitoring in around one hundred sites in Monaco, and for the M.E.R. joint venture for renewable energy projects. The Government also grants concessions for electricity, gas, and heating/cooling network operations.
• Fondation Prince Albert II de MonacominorStrategic or Co-development PartnerListed as a partner on SMEG's useful links page. Foundation committed to environmental protection and sustainable development, founded by H.S.H. Prince Albert II of Monaco.
• Monaco Economic BoardminorStrategic or Co-development PartnerListed as a partner on SMEG's useful links page. Monaco Economic Board promotes Monaco's economic development and attracts international businesses.
• EVER MonacominorStrategic or Co-development PartnerListed as a partner on SMEG's useful links page. EVER (Exhibition for Electric Vehicles and Renewable Energies) is an event focused on electric vehicles and renewable energy held in Monaco.

Scale indicators17 records

Recent moves2 records

Broad incumbents

• ENGIE (parent): Majority owner of SMEG (64%) and one of the world's largest integrated energy companies. Comparable as a global utility operating regulated distribution networks, renewable generation, and customer energy services across multiple geographies — and as the parent that determines SMEG's strategic positioning within its portfolio.
• EDF (Électricité de France): Indirect shareholder of SMEG through EDEV (15%) and one of Europe's largest integrated electricity companies. Comparable as a vertically integrated utility with regulated distribution, generation, and customer-facing services; serves as a benchmark for SMEG's regulated monopoly structure.
• Veolia Environnement: Global leader in water, waste, and energy services with district heating/cooling operations. Comparable to SMEG's integrated energy-plus-waste-to-energy model (via SMA/SeaWergie) and shares the focus on regulated municipal concessions and circular-economy infrastructure.
• Enel: Italian-headquartered multinational electricity and gas distributor with regulated concessions across Europe and Latin America. Comparable as a diversified utility operating distribution networks, retail supply, EV charging (Enel X), and renewable generation.
• Iberdrola: Spanish-headquartered global utility with significant regulated distribution, renewable generation, and smart meter deployments. Comparable on the regulated-network-plus-renewables-plus-smart-meter business model that SMEG is building in miniature.
• Dalkia (EDF subsidiary): EDF subsidiary operating district heating and cooling networks across France. Highly comparable to SMEG's SeaWergie urban heating/cooling infrastructure in business model, scale, and the regulated utility context.

Direct peers

• Électricité de Tahiti (EDT): SMEG owns a 21% minority stake and EDT operates electricity generation and distribution in French Polynesia — a micro-jurisdiction utility concession analogous to SMEG's Monaco role. Directly comparable as a small isolated-territory concessionaire under ENGIE's network branch, with similar regulatory monopoly dynamics.
• Gaz de Bordeaux: Natural gas supplier to SMEG since 1 January 2019 (selected via European tender). Comparable as a regulated gas distributor/retailer in a defined French territory, serving similar residential and SMB customers with subscription-based gas supply contracts.
• IZIVIA (ENGIE EV charging): ENGIE's dedicated EV charging subsidiary in France operating charging points for residential and public use. Directly comparable to SMEG's EVzen brand — same parent group, similar product, similar customer profile — and a likely export path for EVzen if SMEG's model is ever scaled beyond Monaco.
• Société Monégasque d'Assainissement (SMA): SMEG's 61%-owned subsidiary operating waste collection and the waste recovery centre that fuels SeaWergie. Directly comparable as a Monaco-based regulated municipal service concessionaire feeding SMEG's energy infrastructure, and an example of SMEG's own adjacent concession model.

Market position

Strengths5 records

Weaknesses5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/SMEGmonaco
• Facebookfacebook.com/SMEGMONACO

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles23 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Societe Monegasque de l'Electricite et du Gaz