Hi IvanI used to test the firmware and write the config files for these metersWas quite a while ago though. What you see in the display cycle is set by the config file. To change that, you'll need an app called meter utility and a flag probe. Also the config file sets whether the meter clock adjusts to dst. Regarding the led, it will pulse while the meter is registering energy, but will come on solid after a while of non registration.
I know this is an old thread but I can't see a way to message you direct. I have the same meter and the clock is over 3 hours out meaning the economy 7 is well off. If the clock is that far out what are the chances the configuration has been lost and the meter is reading wrong? I am not getting anywhere with Scottish Power and I am currently paying them over £550 a month just for electric!
Hopefully you see this message