{"id":27114,"date":"2025-06-23T10:40:15","date_gmt":"2025-06-23T09:40:15","guid":{"rendered":"https:\/\/www.retailenergycode.co.uk\/?p=27114"},"modified":"2025-06-23T10:42:21","modified_gmt":"2025-06-23T09:42:21","slug":"annual-report-2024-25-now-live-a-year-of-impact-and-evolution","status":"publish","type":"post","link":"https:\/\/vwd.website\/fs\/annual-report-2024-25-now-live-a-year-of-impact-and-evolution\/","title":{"rendered":"Annual Report 2024\u201325 now live: A year of impact and evolution"},"content":{"rendered":"<p style=\"font-weight: 400;\">This year\u2019s <a href=\"https:\/\/vwd.website\/fs\/wp-content\/uploads\/2025\/06\/RECCo-Annual-Report-2024-25.pdf\" target=\"_blank\" rel=\"noopener\">report<\/a> is the first introduced by our new RECCo Board Chair,\u00a0<strong>Hannah Nixon<\/strong>, who reflects on our organisation\u2019s direction and impact.<\/p>\n<blockquote>\n<p style=\"font-weight: 400;\"><em>As I take forward my tenure, I do so with deep appreciation for RECCo\u2019s progress to date and a clear understanding of our critical role in supporting the energy market\u2019s transition.<\/em><\/p>\n<\/blockquote>\n<h2 style=\"font-weight: 400;\"><strong>A strong year for RECCo<\/strong><\/h2>\n<p style=\"font-weight: 400;\">The report presents our progress across major industry programmes, including Market-wide Half Hourly Settlement, energy theft reduction, digital transformation, and consumer data empowerment. It also marks the release of our <strong><a href=\"https:\/\/vwd.website\/fs\/wp-content\/uploads\/2025\/03\/Strategy-2025-30.pdf\" target=\"_blank\" rel=\"noopener\">Strategy 2025\u201330<\/a><\/strong>, developed with stakeholder input and centred on our <strong>Perform<\/strong>, <strong>Protect<\/strong>, <strong>Progress<\/strong> mission.<\/p>\n<h2 style=\"font-weight: 400;\"><strong>Achievements at a glance<\/strong><\/h2>\n<ul>\n<li>Met all Market-wide Half Hourly Settlement (MHHS) milestones on time<\/li>\n<li>Launched a scalable API gateway to underpin future REC Digital Services<\/li>\n<li>Delivered Payment Levelisation Reconciliation, supporting vulnerable consumers<\/li>\n<li>Re-platformed the Gas Enquiry Service to boost performance and resilience<\/li>\n<li>Improved the REC Change Process, accelerating delivery and stakeholder engagement<\/li>\n<li>Appointed by Ofgem to deliver the new Consumer Consent Service<\/li>\n<li>Proposed a dedicated Energy Theft Unit to tackle theft and protect consumers<\/li>\n<li>Achieved a 96% employee retention rate and national award recognition<\/li>\n<li>Improved REC Services satisfaction score from 7.0 to 7.5 out of 10<\/li>\n<\/ul>\n<h2 style=\"font-weight: 400;\"><strong>Responsible financial management<\/strong><\/h2>\n<p style=\"font-weight: 400;\">We outline how we&#8217;ve managed industry funds with transparency, discipline, and a commitment to delivering value. Highlights included:<\/p>\n<ul>\n<li>Procured services and managing performance through robust contracts<\/li>\n<li>Applied financial levers to drive service efficiency<\/li>\n<li>Controlled costs through strategic oversight<\/li>\n<li>Already returned surplus funds to industry\u2014\u00a34.3 million this budget year\u2014with more to come<\/li>\n<li>Aligned our forward budget with delivery priorities through 2028<\/li>\n<\/ul>\n<h2 style=\"font-weight: 400;\"><strong>Focus on code governance and service performance<\/strong><\/h2>\n<p style=\"font-weight: 400;\">We also detail insights into the performance and ongoing improvement of our four core governance functions, along with actions taken to strengthen their effectiveness:<\/p>\n<ol>\n<li>REC Code Manager Service<\/li>\n<li>REC Change Management<\/li>\n<li>REC Performance Assurance<\/li>\n<li>REC Services<\/li>\n<\/ol>\n<p style=\"font-weight: 400;\">NOTE: A more detailed update focused on the <strong>REC Code Manager Service<\/strong> will follow shortly.<\/p>\n<h2 style=\"font-weight: 400;\"><strong>Time to take a closer look<\/strong><\/h2>\n<ul>\n<li>Explore the full<strong> <a href=\"https:\/\/vwd.website\/fs\/wp-content\/uploads\/2025\/06\/RECCo-Annual-Report-2024-25.pdf\" target=\"_blank\" rel=\"noopener\">Annual Report 2024-25<\/a> <\/strong>for a deep dive into our work, achievements, and future direction<\/li>\n<li>Share your feedback via our<strong> <a href=\"https:\/\/orsnoq1e00j.typeform.com\/to\/XJZQiZho\" target=\"_blank\" rel=\"noopener\">short survey<\/a> <\/strong>or email us directly at<strong> <a href=\"mailto:communications@retailenergycode.co.uk\" target=\"_blank\" rel=\"noopener\">communications@retailenergycode.co.uk<\/a><\/strong><\/li>\n<li>Discover what\u2019s ahead by reading our <strong><a href=\"https:\/\/vwd.website\/fs\/wp-content\/uploads\/2025\/02\/RECCo-Budget-2025-26.pdf\" target=\"_blank\" rel=\"noopener\">Budget 2025-26<\/a><\/strong> and <strong><a href=\"https:\/\/vwd.website\/fs\/wp-content\/uploads\/2025\/03\/Forward-Work-Plan-2025-28.pdf\" target=\"_blank\" rel=\"noopener\">Forward Work Plan 2025-28<\/a><\/strong><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>This year\u2019s report is the first introduced by our new RECCo Board Chair,\u00a0Hannah Nixon, who reflects on our organisation\u2019s direction and impact. As I take forward my tenure, I do so with deep appreciation for RECCo\u2019s progress to date and a clear understanding of our critical role in supporting the energy market\u2019s transition. A strong [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":27025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[9,75,10,11,13],"tags":[174,73],"class_list":["post-27114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-news","category-feature-new","category-programmes","category-services","category-stakeholder","tag-annual-report","tag-budget"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Annual Report 2024\u201325 now live: A year of impact and evolution - Retail Energy Code Company<\/title>\n<meta name=\"description\" content=\"RECCo\u2019s Annual Report 2024\u201325 reflects on a year of strategic delivery, stakeholder impact, and market evolution\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Annual Report 2024\u201325 now live: A year of impact and evolution - 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