{"id":27068,"date":"2025-06-16T13:54:10","date_gmt":"2025-06-16T12:54:10","guid":{"rendered":"https:\/\/www.retailenergycode.co.uk\/?p=27068"},"modified":"2025-11-11T12:07:21","modified_gmt":"2025-11-11T12:07:21","slug":"june-2025-board-highlights","status":"publish","type":"post","link":"https:\/\/vwd.website\/fs\/june-2025-board-highlights\/","title":{"rendered":"Board Highlights: June 2025"},"content":{"rendered":"<h2 data-start=\"907\" data-end=\"961\"><strong data-start=\"911\" data-end=\"961\">Code Reform &amp; Code Manager Licence application<\/strong><\/h2>\n<p data-start=\"963\" data-end=\"1196\">RECCo submitted its Code Manager Licence application on 10 June 2025. Ofgem is expected to award the licence in Q1 2026\u201327 via a non-competitive process for the Retail Energy Code (REC) and the Balancing &amp; Settlement Code (BSC).<\/p>\n<p data-start=\"1198\" data-end=\"1504\">Strategic planning is aligned with Ofgem\u2019s forthcoming Strategic Direction Statement (SDS), anticipated in Summer 2025. This will be further explored at the RECCo Board Strategy Day in September 2025.<\/p>\n<p data-start=\"1198\" data-end=\"1504\">RECCo is also preparing a consultation response to the DESNZ draft licence, due by the end of June 2025.<\/p>\n<h2 data-start=\"1511\" data-end=\"1570\"><strong data-start=\"1515\" data-end=\"1570\">Annual REC Performance Report &amp; Performance Assurance Board recommendations<\/strong><\/h2>\n<p data-start=\"1572\" data-end=\"1707\">The Board received the Performance Assurance Board annual report, which summarised assurance outcomes across key areas, including:<\/p>\n<ul>\n<li data-start=\"1711\" data-end=\"1722\">Switching<\/li>\n<li data-start=\"1725\" data-end=\"1735\">Metering<\/li>\n<li data-start=\"1738\" data-end=\"1755\">Theft detection<\/li>\n<li data-start=\"1758\" data-end=\"1788\">Service provider performance<\/li>\n<li data-start=\"1791\" data-end=\"1806\">Qualification<\/li>\n<li data-start=\"1809\" data-end=\"1824\">Data security<\/li>\n<\/ul>\n<p data-start=\"1826\" data-end=\"1870\"><strong>The Board approved five key recommendations:<\/strong><\/p>\n<ol>\n<li data-start=\"1330\" data-end=\"1465\">Launch a project to improve switching objection processes\u2014to provide greater clarity for consumers earlier in their journey<\/li>\n<li data-start=\"1468\" data-end=\"1589\">Focus strategically on the digitalisation of meter data\u2014to support REC Changes and industry transformation programmes<\/li>\n<li data-start=\"1592\" data-end=\"1688\">Use consumer data (I0189) to inform the Forward Work Plan (FWP) and assess the impact of initiatives<\/li>\n<li data-start=\"1691\" data-end=\"1780\">Develop a mechanism to address complex consumer issues outside the formal FWP structure<\/li>\n<li data-start=\"1783\" data-end=\"1877\">Leverage the Digital Services rollout to enhance assurance and market participant experience<\/li>\n<\/ol>\n<h2 data-start=\"2504\" data-end=\"2614\"><strong data-start=\"2508\" data-end=\"2614\">Consumer Consent &amp; Tariff Interoperability role in supporting energy market transition<\/strong><\/h2>\n<p>As the market transitions to a more flexible, data-driven future, the following enablers are essential:<\/p>\n<ul>\n<li data-start=\"2723\" data-end=\"2760\">Trusted consumer consent mechanisms<\/li>\n<li data-start=\"2763\" data-end=\"2798\">Effective tariff interoperability<\/li>\n<li data-start=\"2801\" data-end=\"2845\">A robust flexibility market asset register<\/li>\n<\/ul>\n<p>These will unlock innovation, empower consumer choice, and improve market participation.<\/p>\n<p>The Board discussed the collaborative roles of RECCo, NESO, and Elexon in ensuring readiness for a data-led energy system. It also examined the interaction between Ofgem, DESNZ, and RECCo\u2014with Ofgem and DESNZ setting policy and RECCo delivering the service.<\/p>\n<h2 data-start=\"3201\" data-end=\"3252\"><strong data-start=\"3205\" data-end=\"3252\">Financial update &amp; expected outturn 2024-25<\/strong><\/h2>\n<p>Audit fieldwork is nearing completion, and the final report will be shared with the Finance &amp; Audit Committee in July 2025. Financial Statements 2024\u201325 will be approved at the next Board meeting in August 2025 and published shortly thereafter.<\/p>\n<p>RECCo anticipates a full-year cost of approximately \u00a342 million, against a budget of \u00a353 million. In light of this underspend:<\/p>\n<ul>\n<li>\u00a34 million has already been returned to REC Parties through price reductions<\/li>\n<li data-start=\"3715\" data-end=\"3792\">A further \u00a37 million will be returned later in 2025 via reduced REC Charges<\/li>\n<\/ul>\n<p>A more detailed breakdown of the underspend drivers will be shared in the July 2025 <em data-start=\"3878\" data-end=\"3892\">Inside RECCo<\/em> newsletter.<\/p>\n<h2 data-start=\"3911\" data-end=\"3952\"><strong data-start=\"3915\" data-end=\"3952\">RECCo\u2019s Annual Report 2024\u201325<\/strong><\/h2>\n<p data-start=\"3954\" data-end=\"4180\">The Board approved RECCo\u2019s Annual Report 2024\u201325, which comprehensively reviews activities over the preceding financial year. The report includes statements from Chair Hannah Nixon and CEO Sid Cox, highlighting:<\/p>\n<ul>\n<li data-start=\"4184\" data-end=\"4224\">Launch of the new Strategy 2025\u201330<\/li>\n<li data-start=\"4227\" data-end=\"4245\">Key achievements<\/li>\n<li data-start=\"4248\" data-end=\"4367\">Recent policy decisions\u2014including Ofgem\u2019s confirmation of RECCo as the Delivery Body for the Consumer Consent Service<\/li>\n<\/ul>\n<p>It also offers a detailed summary of FWP commitments, with 21 completed and six continuing into 2025, alongside assessments of strategic execution and budget performance.<\/p>\n<p data-start=\"4541\" data-end=\"4621\"><strong>A detailed appendix in the report provides further insight into core service areas, including:<\/strong><\/p>\n<ul>\n<li data-start=\"4625\" data-end=\"4651\">Code Manager performance<\/li>\n<li data-start=\"4654\" data-end=\"4674\">REC Change Process<\/li>\n<li data-start=\"4677\" data-end=\"4704\">REC Performance Assurance<\/li>\n<li data-start=\"4707\" data-end=\"4758\">REC Service developments and planned improvements<\/li>\n<\/ul>\n<p data-start=\"4760\" data-end=\"4789\"><strong>Notable achievements include:<\/strong><\/p>\n<ul>\n<li data-start=\"4793\" data-end=\"4875\">On-time delivery of all Market-wide Half-Hourly Settlement REC milestones<\/li>\n<li data-start=\"4878\" data-end=\"4924\">Submission of the Energy Theft Unit proposal<\/li>\n<li data-start=\"4927\" data-end=\"5010\">Preparations for a unified Digital Services platform set to launch in Autumn 2026<\/li>\n<\/ul>\n<p data-start=\"5012\" data-end=\"5094\">The Annual Report 2024-25 will be published shortly and made available to all REC Parties.<\/p>\n<p data-start=\"5101\" data-end=\"5183\">For more information, please contact: <a href=\"mailto:communications@retailenergycode.co.uk\" target=\"_blank\" rel=\"noopener\"><strong data-start=\"5142\" data-end=\"5183\">communications@retailenergycode.co.uk<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Code Reform &amp; Code Manager Licence application RECCo submitted its Code Manager Licence application on 10 June 2025. Ofgem is expected to award the licence in Q1 2026\u201327 via a non-competitive process for the Retail Energy Code (REC) and the Balancing &amp; Settlement Code (BSC). Strategic planning is aligned with Ofgem\u2019s forthcoming Strategic Direction Statement [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":27003,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[14,9],"tags":[46],"class_list":["post-27068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-board","category-company-news","tag-board-highlights"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Board Highlights: June 2025 - Retail Energy Code Company<\/title>\n<meta name=\"description\" content=\"Stay up to date with the RECCo Board\u2019s June 2025 meeting highlights. 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