Industry Updates

Each month we bring you the latest market intelligence with key updates on consultations and news from the retail energy market sector

Ofgem Updates:

Supplier Cost Recovery Open letter

Ofgem has published its decision on the Open letter review of how supplier costs are recovered, by choosing not to proceed with its proposal. Instead, Ofgem stated:

‘Following engagement, we have concluded that while some low consuming users, some of whom may be vulnerable, might benefit from change, there are a number of higher consuming users including vulnerable users that would pay more. We took the view that retaining the current methodology would protect users with greater energy needs, such as disabled users and users with electric heating in areas off the gas grid.’

BEIS Updates:

Development Action Plan

Further to the publication of the BEIS 2021 Hydrogen Strategy, which noted hydrogen must be a core part of the UK’s future energy security, on 31 August BEIS published a Development Action Plan highlighting the nature and scale of the opportunities across the UK.

The plan sets out actions being taken by government and industry to maximise the benefits from scaling up the UK hydrogen economy. The key focus areas of the plan include: supply chain, jobs and skills, investment, and export opportunities across the value chain necessary to achieve a 10GW by 2030 ambition for hydrogen.

RECCo’s Strategy and Forward Work Plan for 2023/2026

We are in the process of developing our Strategy and Forward Work Plan (FWP) for 2023-2026. This is a collaborative exercise to define RECCo’s key priorities across the retail energy market for future years. The Strategy and Forward Work Plan sets out the key priorities that will deliver RECCo’s strategic objectives, ensuring that our strategy is focused on facilitating continuous improvements across both the retail energy market and the way in which we operate.

Stakeholder engagement is integral to the development of the FWP. We aim to engage through a number of channels, ranging from bi-lateral meetings to workshops and webinars. Should you wish to discuss aspects of the FWP, please contact us on recco_strategy@retailenergycode.co.uk.

The diagram below sets out the high level timeline for this year’s Strategy and Forward Work Planning cycle:

Annual stakeholder satisfaction survey

We will be undertaking our first annual stakeholder survey this autumn!

Making the retail energy market work more efficiently and effectively for its participants and for the benefit of consumers is at the heart of RECCo’s role. We are committed to listening to and understanding our stakeholders so we can learn and grow as an organisation.

As part of developing this understanding we will be undertaking an annual satisfaction survey so we can hear from your perspective how we are doing so far, a year after the operational go-live of the REC. We will also use this opportunity to find out what’s important to you and your organisation and where our priority focus should be from day-to-day practical issues to wider interests impacting the future of the retail energy market. By taking the time to complete this survey, you will be helping us gain valuable insight to inform our next steps as an organisation, working with REC Service Providers.

This is your opportunity to provide feedback and where you’d like to see improvements so we are focusing on the right areas, aligned to your needs and expectations.

We will be reaching out to our stakeholders in the coming weeks with more information. In the meantime if you have any queries in the relation to the survey please get in touch with Teresa Thompson at communications@retailenergycode.co.uk.