Consultation Update
We hosted a stakeholder event on 15th December 2021 to update stakeholders and seek early views on our draft strategy and forward work plan for 2022-2025.
The event was extremely valuable. Initial feedback confirmed support for the proposed focus areas for 2022-2025 and that there were no obvious gaps in the forward work plan.
All feedback has been used to inform our draft Strategy, Forward Work Plan 2022-2025 consultation published on 10th January, in line with Clause 9 of the REC.
This consultation proposes six core workstreams for the next year with the key priority being our core service delivery and service enhancement, including data and digitalisation.
We appreciate this is a particularly challenging time for retail energy market participants, so this key priority focuses on making sure the services we provide and/or govern are effective, cost-efficient and meet the needs and demands of our Parties and stakeholders both now and in future.
The other core workstreams include the Switching Programme implementation (CSS go-live) where we will ensure any activities required to be undertaken by us or our Service Providers that are on the critical path towards CSS go-live are delivered on time and to required standards in accordance with the Switching Programme plan.
These workstreams will help us facilitate improvements in the retail energy market along with our continued focus to make market governance and services more efficient and effective for the benefit of stakeholders and to drive positive consumer outcomes. We welcome comments until the closing date of 31st January 2022.
In line with good corporate practice, within our draft Strategy, Forward Work Plan consultation, we provided good faith estimates of the 3-year financial projections to deliver the services and/or discharge the obligations placed upon us by the REC.
This financial projection is provided to help enable REC Parties plan for the longer term and provide financial context to the strategy and forward work plan. The consolidated 3-year financial projection is not designed to replace the obligation to consult on the RECCo Budget.
Following feedback from the consultation, the RECCo Board will consider comments received before publishing the updated Budget for 2022-2025 on 4th February 2022.
We will be hosting a webinar on 10th February 2022, open to all stakeholders so we can walk through the elements of the Budget and provide an opportunity to answer any questions you may have. We’ll be sharing details of the event shortly.
If you have any questions on RECCo’s draft strategy and forward work plan, please contact the team at recco_strategy@retailenergycode.co.uk.
Ofgem published a suite of consultations on 15th December 2021 regarding market resilience, with all but the technical changes to the price cap consultation closed on 17th January 2022.
Only 139,070 customers changed supplier in November, according to Energy UK’s latest electricity switching figures. This is the lowest monthly figure since Energy UK started publishing figures in October 2013 and represents a more than 70% fall compared to November 2020.
Heat Trust, the independent national consumer protection scheme for heat networks, partners with Ofgem to prepare for regulation of heat networks, as government appoints Ofgem as Great Britain heat networks regulator to ensure consumers receive a fair price and reliable supply of heat.
