Informative, Innovative, Impartial
RECCo Draft Strategy and Headline Budget 2021 – 2022
We are pleased to share an early sight of the Draft Strategy and Headline Budget 2021 – 2022.
Please submit comments on this draft strategy and budget to: REC Info – firstname.lastname@example.org no later than Tuesday 02 February 2021
Submitted responses will be made available to the RECCo Board and, unless you ask us not to, may be published on the RECCo website
Supporting the industry. Benefiting consumers.
The Retail Energy Code Company (RECCo) is the corporate vehicle for ensuring the proper, effective, and efficient implementation and ongoing management of the Retail Energy Code (REC).
If you’re an existing or aspiring energy market participant, or another interested stakeholder, we’re here for you.
Our objective is to oversee the development of the Retail Energy Code, enabling the achievement of its mission;
“The Retail Energy Code will facilitate the efficient and effective running of the retail energy market, including its systems and processes. It will promote innovation, competition and positive customer outcomes”.
Our goal is to enable energy market participants to go about their business informed, compliant and confident. We want to enlighten new entrants to the sector with clear and comprehensive support. And we ultimately aim to ensure consumers can switch providers through an industry commitment to transparency, efficiency and best practice.
Information for REC Parties
Understanding the retail energy code
The Retail Energy Code went live February 2019. All licensed energy suppliers, gas transporters, electricity distribution network operators and the Data Communications Company are required to accede to the Retail Energy Code.
The purpose of the Retail Energy Code is to bring together the code requirements relating to retail energy activities. It will govern the operation of faster and more reliable arrangements for consumers to switch their energy suppliers.
The Retail Energy Code will put consumer outcomes at the heart of everything it does. It provides market participants with an accessible and comprehensible set of rules that are as easy as possible to understand and comply with.
Role of key stakeholders
At the Retail Energy Code Company, we recognise the breadth and differing needs of our stakeholders, and we are committed to engaging and supporting you all.
Helping energy market participants
Supporting energy market participants is a high priority. The information and support you can access will enable you to be well-informed, knowledgeable and reassured. Currently, those operating, or those who have newly entered the energy industry, can face barriers despite their best efforts due to the complex network of regulations. We’ll help navigate you through your responsibilities under the REC, enabling you to focus on business performance and offering a great service to customers.
With the Department of Business, Energy and Industrial Strategy (BEIS) and the UK energy market Regulator (Ofgem) driving the regulation of the energy industry, the Retail Energy Code will act as a conduit for government, positively representing and communicating vital policy updates and regulation on their behalf. We will ensure the delivery of a fair, transparent and a highly competent and valued service to energy market participants. This will support the driving up of standards to meet government and Regulator objectives of protecting and benefiting consumers.
Whilst consumers may not have direct contact with the Retail Energy Code, this stakeholder group lies at the very heart of our purpose. Through improved governance and regulation of the energy industry, we intend for consumers to see benefits when they choose to change supplier through an easier, less time-consuming and stressful process of switching.
The RECCo Board (‘the Board’) is committed to improving consumer outcomes and promoting trust in the energy market. It is developing a wider Consumer Strategy as part of its REC readiness programme and in support of this initiative, we are pleased to announce RECCo’s decision to establish a new forum to facilitate structured engagement between Price Comparison Websites (PCWs) and Suppliers to consider the implications of implementing Faster and More Reliable Switching.