Key themes from the session
Thank you to everyone who joined our 2026 Budget webinar.
The session focused on three key areas:
- Themes raised in response to our Draft Forward Work Plan 2026–29 and Budget consultation, and our initial response ahead of publishing formal response summaries
- Detailed walk-through of the final 2026 Budget
- Overview of indicative costs for the following two years, setting out the funding required to deliver our services and programmes, meet regulatory expectations, and maintain reliable, stable services for industry
Delivering the 2026 Budget
The webinar set out how the 2026 Budget supports delivery of Retail Energy Code (REC) Services and aligns with the Draft Forward Work Plan 2026–29.
We explained how funding for the year ahead balances the key themes shaping 2026, including delivery of regulatory programmes such as our preparations to become the licensed REC Code Manager, continued service delivery, and targeted investment to maintain resilience and long-term value.
Discussion also covered alignment with Ofgem’s Strategic Direction Statement, the balance between core activity and the Central Switching Service procurement allowance, and our ongoing focus on stakeholder engagement as a core enabler of effective delivery.
Access materials
You can now access:
These materials provide full details on the 2026 Budget and three-year projections, alongside the Draft Forward Work Plan 2026–29 that the funding enables.
Budget governance and next steps
In line with Section 9 of the REC, the budget appeal window remains open until 17:00 on 6 March 2026.
REC Parties wishing to submit an appeal must do so directly to Ofgem via industrycodes@ofgem.gov.uk before this deadline.
If you have any questions regarding the Budget, please contact Brian O’Shea, Chief Financial & Commercial Officer, at brian@retailenergycode.co.uk
