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Part of this is about ensuring the proper, effective, and efficient implementation and ongoing management of the Retail Energy Code (REC). The REC contains the rules and regulations around the retail energy market. For example, it sets out the processes for energy suppliers to follow when transferring a customer from one supplier to another, how data should be used and protected, and the standards to be met in the delivery of services governed under the REC.
The retail energy market, like the wider energy market, is evolving. This brings risk of course, but also opportunities for market players. New business models are arising, innovators are pushing boundaries to do things differently, and customers’ interaction with the energy market is changing.
But why is the market evolving at such an unprecedented rate? The bigger picture is all about climate change, net-zero, and transitioning to electrification. While there remains a lot to do to achieve our ambitions, both as a company, an industry, a country, and globally as inhabitants of planet Earth, these small changes can support the evolution.
RECCo’s main priority and key workstream is core service delivery and service transformation. It is important that delivery of the core REC services is maintained at the highest quality to support the effective and efficient operation of the retail energy market. Supporting wider market change is also part of our role, to ensure that the REC can facilitate and enable the wider direction of change.
The rules and regulations which underpin the retail energy market under the REC must support innovation. It is through innovative thinking, services, and products that we will collectively solve the current problems and address the major wide scale challenges our energy industry faces. But we must also protect customers and ensure that they are part of the solution.
In the coming months we will be considering where our focus and priorities should lie for 2022/23 and beyond. We would like to hear your views.
To participate in shaping our thinking: