Financial Budget 2022/23

The Retail Energy Code (REC) requires the RECCo Board to consult on its proposed strategy including indicative costs for the key activities. On 10 January 2022, the RECCo Board published its draft strategy, forward work plan for 2022-2025, and associated 3-year financial projections for consultation. The Board invited comments on the strategy which ended on 31 January 2022.

The Board considered all comments received, to determine its final strategy and its Budget for 2022-2023. On 4th of February 2022, RECCo Board published its Financial Budget for 2022-2023. You can find the full document here.

The RECCo 2022-23 Budget has been agreed by the RECCo Board and is published to REC Parties to allow them the opportunity to scrutinise the Budget. Parties have the right to appeal the decision of the REC Board to approve the budget to the Authority (Ofgem). Appeals must be submitted within 10 Working Days of the Budget being published. Any appeal brought must be specific to one or more individual cost items not to the budget as a whole. We invited questions or comments on the Budget from any interested party until 18 Feb 2022. The deadline has now closed.

Actions Timeline:

  • Publication Day 04 Feb 2022
  • Informative Webinar 10 Feb 2022
  • Deadline for Appeal Submissions 18 Feb 2022

Get in touch via email with Brian O’Shea, RECCo’s Finance and Commercial Director at brian@retailenergycode.co.uk

Budget Overview 2022-23 Webinar

RECCo was pleased to invite REC Parties and stakeholders to a webinar on 10th February 2022 to walk through the 2022-2023 budget. In this session our executive team presented on elements of the budget and answered any questions raised.

Webinar Presentation (PDF)

Budget Q&A’s (PDF)

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