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RECCo Executive Highlights May 2021

“RECCo’s mission is “to facilitate the efficient and effective running of the retail energy market, including its systems and processes, promoting innovation, competition and positive consumer outcomes”.  In short, RECCo’s role is to drive simplification, better service, and innovation in the retail energy market for the benefit of industry and customers.  Here is our update on our key programme workstreams and activities. For more information or if you have any suggestions on how we can improve our communication with you, please contact us at info@retailenergycode.co.uk”

Sid Cox, CEO, RECCo

REC Development

On 30 April 2021 Ofgem published a statutory consultation on its proposed modifications to licence, which together with the implementation of REC v2.0 and consequential modifications to the other industry codes, will give effect to the Retail Code Consolidation.  This statutory consultation is a key milestone in the preparation for our service go-live on 01 September 2021.

The REC v2.0 drafting is currently being finalised. The revised text will seek to address comments of respondents to Ofgem’s December 2020 consultation, incorporate into the REC any relevant changes that have been duly made to the legacy codes since that December 2020 consultation, and reflect the output of the ‘logical analysis’ undertaken in preparation for the digitalisation of the REC.  These changes are being captured within the ‘Energy Market Architecture Repository’ (EMAR), which will be the home of the Digital REC.  A red-lined version of the REC v2.0 will be generated from the EMAR and submitted to the Ofgem Regulatory Group for sign-off in late June.  This, together with decisions on the licence modifications, will form part of the RCC go-live decision on 02 July 2021.  Some of the consequential changes to other industry codes may be made at a later date but are all expected to take effect 01 September 2021.

Separately, Ofgem’s consultation on REC v3.0 will close on 31 July 2021.  We will continue to work with Ofgem on the further development of the REC v3.0 text this Autumn, which will form part of the Switching Programme Significant Code Review process, which we expect to conclude Q2 2022, with the Central Switching Service go-live to follow shortly afterwards.

Code Manager Mobilisation: 

Mobilisation continues at pace and we are now two thirds of the way through the programme. The RECCo Board approved completion of Milestone two last month and work has commenced on Milestone three, the final milestone which closes 30 July 2021.

Our focus remains on the technology builds of the REC Portal and the EMAR as part of the critical path that will deliver the ‘Digital First’ REC experience. The Code Manager continues to build the internal business processes and work instructions that will support the live service from 01 September 2021. System and process testing will be conducted over the coming months to ensure readiness ahead of go-live.

Significant progress has also been made by the Code Manager in the delivery of its stakeholder engagement programme. A representative user group has been established for industry parties to communicate on a wide range of topics and ask questions. This is supplemented by LinkedIn updates, podcasts, and information on the Code Manager page of the RECCo website.

Transition: 

This workstream covers the transfer of services, processes or information from the existing retail arrangements that will endure under the REC.

Our transition manager has continued to drive engagement with impacted code bodies through bilateral meetings, the Retail Transition Working Group (RTWG) and Retail Transition Steering Group (RTSG). As part of this work, we have agreed a complete list of all of the inflight issues with other code administrators that will need to be managed in the lead up to Retail Code Consolidation. Where required, detailed planning is now underway.

Financial Management:

RECCo continues to manage its finances actively and in a prudent manner to ensure that the funding burden on REC Parties is minimised. This is balanced against ensuring that the company has the resources necessary to deliver its key objectives.

The 2020/21 financial year end audit work has begun, and all information requests have been provided to the auditors. As part of the audit, the final value of any rebate due for that year will be validated and this will be communicated to Parties in Q3.

Consumer Programme:

We are pleased to confirm that we have re-established the Consumer Journey Forum (CJF) which provides an open and transparent forum for all Suppliers to discuss and identify key issues and common themes associated with successful Switching Programme delivery and effective consumer engagement.  Alongside the CJF, we have also established a forum for Price Comparison Website providers and Suppliers to enable structured engagement to ensure a positive consumer experience through the switching process.

Stakeholder Engagement:

Our refreshed website launched at the beginning of the month. We hope you enjoy the look and feel and find the new layout intuitive and user friendly.  More information is being published each week as we endeavour to keep you updated with our progress so look out for updates on the site and for our fortnightly newsletter ‘Inside RECCo’.

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