This Significant Code Review has the objective of achieving retail code consolidation. We will achieve this to a large extent by replacing the Master Registration Agreement in electricity and the Supply Point Administration Agreement in gas, with the new dual fuel Retail Energy Code (REC). It will also rationalise a number of codes of practice.
Originally the REC was created to make faster, more reliable switching happen and to harmonise, as far as is sensible, the provisions for switching in gas and electricity. The creation of the REC also presents an opportunity to consolidate the number of codes in the retail energy space and to create code governance arrangements that drive innovation and positive outcomes for consumers.
We are setting up governance arrangements, including a change management approach and organisational structures, for the REC that will allow it to be more flexible and responsive in decision-making, more open to innovation and challenge from any party, and governed by a more diverse set of interests than is the case in the currently existing code governance arrangements.