We are delighted to present our Annual Report for 2023-24. This report provides an overview of our activities in the previous financial year, including our major accomplishments, operational highlights, and our performance compared to our budget. Read the report in full here.
Overview
This year has been highly productive for RECCo. We focused on maintaining and enhancing existing services while launching various innovative initiatives. Key collaborations included working with Elexon on the Market-Wide Half-Hourly Settlement programme, exploring theft prevention measures, and advancing our Data & Digitalisation strategy, notably with the first AI tool in code governance. We also handled a significant Data Communications Company (DCC) data incident, learning valuable lessons in the process.
We remain committed to a well-functioning retail energy market that prioritises consumer needs and encourages engagement with the Retail Energy Code (REC) through the Change Process. This year, the number of implemented change proposals (CPs) increased by 71%, reflecting excellent stakeholder engagement.
The organisation continues to mature and is supported by a talented team. Despite CEO Sid Cox’s extended leave, RECCo operated smoothly due to an effective contingency plan. Collaboration with Ofgem remained strong, notably in developing the Prepayment Levelisation Scheme, which benefits vulnerable consumers and impacts nearly 40 million meters in the UK.
The Board, now fully independent with Isabelle Haigh’s appointment as a Non-Executive Director, plays a crucial role in governance and decision-making. The coming year promises to be busy and significant, with RECCo well-equipped to deliver the agreed Forward Work Plan and several important projects, including enhancing Code Manager services.
Read the report in full
Read the report in full here. We also encourage you to provide feedback via this short form.
