Welcome to our final newsletter of 2022. It’s been a challenging year for our industry– rising energy prices, energy supplier collapses, the cost-of-living crisis and the war in Ukraine have created a vastly different landscape from just a year ago. However, we feel optimistic about the work we’ve been able to deliver despite the turbulence.
In March 2022, Ofgem tasked us with managing the new Market Stabilisation Charge (MSC), which we had up and running within three months. When the Market Stabilisation Charge for gas was triggered for the first time in November 2022, our team were well prepared to calculate and manage the required data and funds. On page 4 of this newsletter, we answer common questions about the MSC; what is it, why was it triggered, and whether it will remain a short-term intervention.
In July 2022, we facilitated the go-live of the Central Switching Service (CSS), which is now under our governance. In April 2023, the CSS funding will switch to RECCo – this will be the most significant change to our operating budget to pages. On page 3 of this edition; we discuss how we currently deliver value for money for REC Parties, reduce costs, and efficiently manage funds.
This year we’ve been working on our soon-to-be-published Energy Theft Estimation Methodology report. On 23rd November 2022, we brought together over seventy people across the industry to re-energise the fight against energy theft. The day-long workshop saw suppliers, emergency responders and citizen representation groups join forces to understand, mitigate, and ultimately prevent energy theft in Great Britain. You can read about the event and its outcomes on page 5.
We’re pleased to have made significant progress in Consolidating the Metering Codes of Practice. This programme should complete in April 2023, with the introduction of a new auditing regime. Similarly, we will deliver our contribution to the Market Half-Hourly Settlement Programme in 2023. Here you can read about the upcoming changes to the REC, systems, and processes, which are significant.
At the end of this edition, you’ll find a list of dates for your diary for the next month. In the longer term, I’d encourage you to join our Forward Work Plan webinar on 25th January 2023 and our Budget webinar on 1st March 2023. Both webinars will set our plans and guide our strategy and spending in the upcoming year.
I want to wish you a very happy Christmas and holiday season and thank you for all your involvement in our activities in 2022. We look forward to working with you to improve the consumer energy market in 2023.
