Understanding the budget in full
Our budget document for 2023/24 is available to read in full on our website here. You can also find essential information about our webinar on 1st March 2023 on this page. The webinar will be a 90-minute session with experts from across our organisation. Brian O’Shea, our Director of Finance and Commercial, will thoroughly discuss the budget and explain how this is needed to deliver our strategy, REC Services and commitments to the industry in 2023/24.
Sign up for the webinar now.
Taking your feedback into account
On 13th January 2023, we published our draft Strategy & Forward Work Plan for consultation; this included the associated 3-year financial projections. We invited comments on this draft strategy until 3rd February 2023. We received only one response to the FWP consultation, which focused on the evolution of switching services and supported our approach to pursuing this through the Codes Roadmap rather than as a RECCo project. We have therefore not made any changes to the deliverables contained within the FWP, but have continued to revise the budget forecast as appropriate.
We also had over 80 stakeholders attend our Strategy & Forward Work Plan webinar, where they asked valuable questions. As a result, we clarified the increased costs in the budget since last year’s forecast and described our efforts with some service providers to reduce costs before publication of our formal Budget.
Following the Board’s consideration of all feedback and successful discussion with suppliers, our 2023-24 Budget was published on 21st February 2023.
Get in touch
Parties have the right to appeal the decision of the REC Board to approve the budget to Ofgem by 7th March 2023. If you have any questions about the document, please get in touch with Brian O’Shea at brian@retailenergycode.co.uk