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Market research & Insight

Issue 916 | Reforming the Energy Industry Codes consultation

Tom  Faulkner Tom Faulkner Analyst

BEIS-Ofgem consultation: Reforming the Energy Industry Codes Gas and Electricity 1 August 2019 Tom Faulkner   Headline Assessment 1 Assessment & recommendation BEIS and Ofgem released a joint consultation on 22 July on their proposals to reform the energy industry codes. This consultation comes as part of the codes and governance review launched in November 2018 and sets out the proposals for the future of code governance. BEIS and Ofgem are looking to create an energy code framework that: Better facilitates market participants identifying and understanding the rules that apply to them and allowing them to innovate to the benefit of energy consumers Looks to benefit both existing and future consumers and is informed and in-line with the government’s targets, especially with the net zero targets Is flexible and has consumer benefits at its heart, as well as being able to reflect the needs of different market participants Can accommodate an ever-growing base of market participants, with effective compliance in an inter-dependent system This consultation is proposing a fundamental reform to the codes and their governance. In view of the changing industry, Ofgem and BEIS are seeking to simplify the highly complex and fragmented codes system by introducing a new cross-code strategic direction function, and a new code manager function to provide empowered and accountable management. There are also plans to consolidate and simplify the codes by fuel type or by industry activity type. The codes are an important part of the energy industry, setting out the rules for operating within the market ...

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