I have no experience with this equipment. Why not contact the water supplier and ask them if they will do the change for you? Might be at no charge. One small town near here has a law that ONLY town employees may shut off the valve at the meter. Licensed plumbers are not permitted to do so. So the change you propose might constitute meter tampering-- but again, I do not know.

Bus Driver has given you some very sound advice. In most jurisdictions if you tamper with the meter or meter wiring in any manner the water service company can levy a very heavy finacial penalty.

Begin by calling the service provider and telling them that you are performing some home improvements or maintenance that will require moving or temporarily disconnecting that meter wire. They will instruct you on what you need to do. In most cases they will send a service tech out and he/she will properly disconnect the wire, then they may instruct you as to how to run a new conduit or they may tell you to let them know when your finished so they can send a service tech out to reset the sensor.

On the other hand, the water service provider may seize this opportunity to upgrade your meter to one that is connected to your phone and the meter is read by a computer via the phone wire just as if it were internet connected or they may install a wireless sending unit on the meter, which is read by a receiving unit mounted in a vehicle while they drive past your house at ten or fifeteen MPH.