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Introducing our annual budget for 2023-24

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Introducing our annual budget for 2023-24

We’re happy to publish our proposed annual budget for 2023-24. You can read it in full here or using the button below.

In accordance with the Retail Energy Code, the REC Board has agreed a 2023-24 Budget which has been prepared using a zero-based budgeting methodology. This is a good faith estimate of the anticipated costs required to deliver the Strategy and Forward Work plan. Learn more about the Strategy and Forward Work Plan 2023-26 here.

REC Parties now have the opportunity to scrutinise the Budget and a right of appeal to Ofgem.

Missed our webinar?

To hear all about our budget for 2023-24, you can watch a recording of our webinar, which took place at 10am on 1st March 2023 below. If you have any questions, please email

Make an appeal

REC Parties have a right to appeal the decision of the REC Board to approve the budget. Any appeal brought must be specific to one or more individual cost items, not to the budget as a whole and must be submitted 10 Working Days of the Budget being published, no later than 07 March 2023.

Should a REC Party wish to appeal one or more budget items, they must submit their appeal to Ofgem no later than 07 March 2023, setting out the rationale for such an appeal with reference to the criteria set out in REC section 9.

Contact us

If you have any questions about the 2023-24 Budget, please do not hesitate to email Brian O’Shea at

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