CORRECTED - Landis+Gyr signs $360 mln Texas "smart grid" deal

(Corrects to make clear L+G's portion of deal is worth $360 million)

NEW YORK May 27 (Reuters) - Landis+Gyr, a private company that sells products designed to make the power grid efficient by making rates transparent, said on Tuesday it landed a meter contract with a Texas utility.

Switzerland-based L+G said Oncor, a regulated power distribution and transmission business, signed a $690 million meter contract for smart meters.

L+G's part of the contract will deploy smart meters for 7 million Texas consumers letting them independently manage their electricity consumption through 3 million points of delivery.

The company would not disclose how much the deal was worth. But such deals go for about $120 per end point, making the deal worth about $360 million, a source close to the deal said.

Oncor is a division of Energy Future Holdings Corp of Dallas, the former TXU Corp.

Many U.S. utilities are moving toward smart grid systems to cut waste and greenhouse gas emissions. When consumers see higher power costs during times of peak demand, they can take steps such as waiting until demand and prices dip before they run big appliances such as clothes washers and dryers.

"You cannot fix what you can't measure," David Slump, chief executive of the company's energy management division in the United States, said in a release.

Makers of the systems say they can cut costs for generators because they reduce the need to build additional generating capacity. In addition, they can cut reliance on peaking units that take a lot of energy to fire up when demand jumps.

L+G, formerly known as Bayard, changed its name this month in anticipation of going public this year or next. The company owns some 15 million power end points, mostly in the United States, that can be rented to power utilities. (Reporting by Timothy Gardner)