All the "Smarts" are in the billing system your retailer runs. All the Smart meter does is read and upload usage on an hourly or more frequent basis to your electricity retailer. It's termed Time of Use (TOU) billing. It's probably named Smart because a person does not need to read it like the old days. All the power is in via a single source and through only 1 meter. If you have a night time rate then any power consumed during those hours ends up on that line of your bill, etc