Each "channel" (really just an identifier) can receive one type of data. That data is either electricity consumption (kWh) or impulse data (electricity, gas, oil, water). So, if you have an optismart, it will transmit on two channels - one for consumption and one for impulse. You do not have to pair up both channels, so if you just wanted the impulse data, you don't have to pair the consumption channel.
That said, I'd be a little careful with how many devices you try to implement. Each device is equipped with a transmitter on the same radio frequency, and they have no way of knowing if any other device is already transmitting. If two devices try to transmit at the same time, both messages will be lost. The more devices you have, the higher the likelihood of lost messages due to these collisions.
Answering your question - each optismart will use two channels, and if you have four optismarts, you will be using 8 channels. The remaining two clamp monitors would use a channel each, so you'd have used 10 channels.
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