...of intense pressure on the energy industry, but our important work continues.
Welcome to the latest edition of ‘Inside RECCo’. It continues to be a challenging month for the energy industry with increasing numbers of energy suppliers exiting the market as the costs of supply continue to exceed the energy price cap.
As ever, we want to support our stakeholders as best we can under the current market rules. This month we have undertaken analysis on market events to limit the financial impact on REC funding parties and we are committed to managing costs as efficiently as we can to achieve value for money.
We are also maintaining strong credit control procedures to ensure all REC funding parties meet their financial commitment as set out in REC, while introducing new finance processes to protect the financial integrity of RECCo.
In other news, we are over eight weeks into Retail Code Consolidation and the go-live of our new services, including of course the REC Code Manager service.
We are pleased to report significant progress in resolving all of the high priority issues identified at or shortly after go-live, and we are therefore on track to conclude our Hypercare support arrangements at the end of October.
We are now working with the Code Manager to prioritise further enhancements to the overall service, including across the Portal, Service Desk and EMAR, with monthly releases being planned from now up until March 2022.
The Code Manager will be working with REC Parties to understand what improvements you would like to see as well as incorporating any feedback received so far. Please keep sending in your feedback so we can develop the service to meet all your business needs.
We’re also turning our attention to what is on the horizon for the retail energy market as part of developing the Strategy and Budget for consultation with REC Parties in January 2021.
As part of this work, we have established a comprehensive Switching Programme Implementation project to coordinate four different workstreams.
This will make sure we and our service providers are ready for implementation of the Central Switching Service (CSS) in summer next year. Our newsletter ‘Inside RECCo’ and website will provide the latest updates of the project and what developments mean for you.
We recently also completed a competitive procurement exercise to support the creation of a ‘Theft Estimation Methodology’ as part of our development of RECCo’s Theft Reduction Strategy.
We are pleased to be working with Capgemini who were awarded the contract and who placed stakeholder engagement as a key priority for development of the Methodology.
We will update you through stakeholder sessions over coming months but are also asking for your help. You can read more about this in this newsletter.
If you have any comments or feedback on any of our services, please let us know at info@retailenergycode.co.uk. We hope you enjoy this month’s edition.