In order to move forward the vision of Smart Grid, a flexible multi-utility and multi-service metering architecture is needed to allow innovative services and utilities for the different actors playing in this scenario. To achieve this, different meters (e.g. electric, water, heating and gas meters) must be integrated into a distributed architecture in order to gather and analyse heterogeneous data. Hence, such architecture provides in real-time a complete overview of the energy consumption and production in the grid from different prospectives. From customer viewpoint, this information can be used to provide user awareness and suggest green behaviours, thus reducing energy waste. From energy operator or utility provider viewpoint, for instance such analysis can: i) improve the demand response for optimizing the energy management during peak periods; ii) profile consumer energy behaviours for predicting the short term energy demand; iii) improve energy and market efficiency. In this paper, we discuss the characteristics of this infrastructure and its expected impacts on utility providers, energy operators and customers.