simple hacking ? $400M / year?
I have been in the "smart grid / building automation" industry for years..
I question the validity of $400M/yr lost to hacking of meters (who generated this number?)
The utility companies have been losing much larger numbers than this with the simple errors typically found in old style meters...most under report the energy usage.
Theft of anything.. is still just stealing. And should be addressed as such.
It is not related to any privacy risks.