Iberdrola has launched a smart network in Spain to support remote services and enable clients to access the electricity market, the company has announced.

Iberdrola plans to invest €22m ($24.6m) to adapt over 600 transformer stations with electronic equipment and replace them with over 100,000 power meters.

The firm has renovated 26 transformer centres and commissioned the first 60 new power meters, which will operate as part of the smart network.

The upgrade will enable users to monitor their usage data in real-time and use flexible rates to improve energy efficiency, the company said in a statement.

Iberdrola chairman Ignacio Galán said that smart networks enhance supply quality by shortening downtime.