In 2017, Ofgem confirmed its decision to develop a new Retail Energy Code (REC) to consolidate existing retail provisions, mainly set out in the Master Registration Agreement (MRA) and Supply Point Administration Agreement (SPAA), and to later include retail provisions relating to the new switching arrangements following the implementation of the Central Switching Service (CSS).
We were set up to enable the implementation of the REC in an effective and efficient way, overseeing the delivery of REC objectives on behalf of REC Parties. This meant procuring code management services to proactively deliver the operational elements of the REC, to implement strategies and maintain service excellence within an innovative and continuous service improvement framework. RECCo is now responsible for the management of 17 Service Providers, including the REC Code Manager service, on behalf of industry following the successful implementation of REC V2.0 and Retail Code Consolidation on 1 September 2021. All licensed energy suppliers, gas transporters, electricity distribution network operators, metering operators and the Data Communication Company (DCC) are required to accede to the Retail Energy Code.
RECCo aims to drive simplicity, better service and innovation in the retail energy market to drive positive consumer outcomes and make the market work more effectively.
We do this by bringing together, digitalising and simplifying retail market arrangements whilst ensuring that positive consumer outcomes are at the centre REC arrangements and decision making.
Since 2019, RECCo had been on a transformation to become a truly progressive, purpose-led operational business. We have already made significant progress and have continued to work hard to deliver on the commitments of our strategy which we publish on an annual basis alongside our budget The principles of our strategy include:
- Consolidating, simplifying and maintaining retail governance arrangements
- Ensuring all the services we provide or fund are cost-efficient and effective
- Developing and/or maintaining effective and innovative customer-facing solutions
- Becoming a credible thought leader and respected authority on retail energy issues
Our objective is to oversee the development of the Retail Energy Code, enabling it to achieve its mission.
“We will facilitate the efficient and effective running of the retail energy market, including its systems and processes. We’ll do this through promoting innovation, competition and delivering positive customer outcomes”.
We aim build effective and collaborative relationships with REC Parties, Service Providers, code bodies, policy makers and other stakeholders and take a ‘digital-first’ approach in all that we do.
These ways of working form our five core values: