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LONDON, Jan 16 (Reuters) - G4S GFS.L , the British security firm which failed to provide enough venue guards for the London Olympics, said it had won a meter reading contract worth at least 150 million pounds ($241 million) with British Gas.

The world's largest security firm, which runs services from cash transportation to protecting ports and embassies, said on Wednesday the seven-year contract with Britain's biggest energy supplier British Gas, owned by Centrica CNA.L , would begin in April.

G4S, which also reads meters for energy providers including Scottish Power and E.ON, had previously run the contract for British Gas with Siemens.

G4S endured a media and political storm in Britain last summer over its Olympic failure, a debacle which forced army troops to fill the staffing shortfall and later led to the exit of two of G4S's senior management team. ID:nL5E8KS19F

G4S is expected soon to reach a financial settlement with Olympic organisers on the contract, which is worth around 240 million pounds.

The firm has estimated the costs of drafting in military and police personnel, as well as potential penalties, would result in it taking a 50 million pound loss on the deal, although it is now widely expected that the figure will be closer to 100 million pounds.

($1 = 0.6215 British pounds)

(Reporting by Neil Maidment; Editing by Paul Sandle)

((neil.maidment@thomsonreuters.com)(+44 0207 542 2292)(Reuters Messaging: neil.maidment.thomsonreuters.com@reuters.net))

Keywords: G4S/BRITISHGAS