because it's remotely updateable, and an analogue meter cannot measure apparent power (when the power returns to the grid the wheel would spin in the other direction)

Remote updating doesn't provide apparent power measurement, a power measurement chip does - this does require an upgraded meter, yes, but does not necessitate a smart one, although the economics of upgrading a fleet of meters probably dictates that they be smart meters for other reasons.

yes, but my point is that being remotely updateable means you can switch over to charging for apparent power remotely (which smart meters can already measure)