Hello and welcome to the latest edition of Inside RECCo. During January, we published our draft Strategy and Forward Work Plan setting out our plans in the coming year and, on 21st February, we published our 2023-24 Budget which is vital to put the plan into action.
Our Budget is currently open for consultation until 7th March 2023. You can read the document on our website here and join our webinar on 1st March 2023. The webinar is an opportunity for us to share in detail how we will bring our strategy and plans into life, delivering improvements to REC Services and our commitments to the industry. It is an opportunity for you to ask us your questions. Register for the webinar here. On page 3, find out more about our annual budget process and key highlights from our plans for 2023-24. I look forward to sharing details of our final Strategy & Forward Work Plan and Budget with you next month.
Turn to page 4 to read some interesting updates from our service team. As you may be aware, we recently withheld issuing invoices for the Market Stabilisation Charge for five days to allow us to understand whether the charges and resulting invoices created because of a portfolio transfer within a single Supplier group were in accordance with the MSC Scheme principles. Our assessment concluded that such intra-group transfers should be netted off and that doing so better served the other Suppliers captured for this MSC period. We recognise that our communication should have been better to explain the delay and we commit to improving for the future.
There’s also an important warning from the team as fraudulent Stay Energy Safe campaigns have been circulating on social media.
In programme news, I’m pleased to report that we’ve made good progress in all areas. Our MHHS team have issued a consultation on proposed changes to the Electricity Data Access Matrix, had several change proposals approved and commenced code drafting . Find out more about this on page 5. Meanwhile, the Open Data and Consumer Consent project has begun – a project which we hope will facilitate future market innovations, deliver net zero and reduce the energy cost for the consumer. Again, read more about the progress so far here.
As part of our role in leading industry initiatives on the functioning of the energy retail markets, we’re hosting two workshops for brokers and suppliers on the 21st and 22nd March to consider whether non-domestic brokers should face tighter regulation. Turn to page 6 to read about the workshops and register.
Finally, on the last page of this newsletter, you’ll find some dates for your diary. As mentioned, I’d encourage you to join our 2023-24 Budget webinar on March 1st, an essential event for all REC Parties. You can register your interest here.
Thank you for reading this latest edition. As always, we welcome any feedback – this can be sent to communications@retailenergycode.co.uk
