Corporate & financials
Corporate & financials
Corporate & financials
Our financial approach
We operate on a not-for-profit basis, ensuring that our income matches our costs. We adopt an annual bottom-up approach for our Budget, and these are consulted on with REC Parties each year.
Once approved, we’re bound by our Budget and manage our funds and assets prudently. We only procure products and services that meet current or future REC Service requirements.
We aim to strike a balance between innovation and ensuring the industry gets a return on its investment. Any underspend against the approved Budget, including change allowance and contingency, is refunded to the funding REC Parties as a rebate against the following year’s charges.
Our procurement, transformation, and operational activities, as well as the contracts we manage, are guided by the following commercial principles:
- We procure services through open market competition wherever possible
- We procure services that are value for money, scalable and adaptable
- We procure services using data-driven decisions
- We always seek to deliver operational and cost efficiencies
- We always hold our service providers accountable for their service delivery obligations
Key documents
We aim to maintain transparency by sharing financial and corporate management information with stakeholders. Our latest Strategy and Forward Work Plan, Financial Statements, Budget, and the REC Charging Statement are below.
Strategy & Forward Work Plans
Business Cases
Annual & Quarterly Reports
Annual Stakeholder Satisfaction Survey Reports
