E 470 User manuel

Good morning Michael

The red leds on the E470 (it's very common) means the consumption of power. Normally it flashes at a rate that is dependent on how much power you are using. If the led is on constantly then, from the manual, it means it's in Anti-Creep mode. It means you are using so little power the meter has decided to freeze the meter reading to prevent an error developing. Page 24 of the manual. Metrology LED.

https://www.manualslib.com/manual/2873720/LandisPlusgyr-E470-Series.html?page=24#manual

I hope that helps

Peter 

There are dozens if not hundreds of meters all clearly labelled Landis + Gyr E470; there is often a four-digit type code as well, like 5533. If ever you need help with your meter, please give as many details of it as you can - a clear photo is often the best way of doing this.

Meanwhile, here’s a link to L+G’s user manual for the ‘E470 Series’ of smart meters. It’s intended for the British market, but I don’t think there will be any major differences across European borders. (SMETS2 is the British Government specification):
E470 Series 3 SMETS2 100 mm

[The site hosting that file has a wealth of information about smart metering in Britain; it’s trustworthy and very well regarded.]