This is a significant milestone that will see us become a multi-code organisation. As well as continuing to uphold the existing Smart Energy Code (SEC), we will now also be required to follow rules in the Retail Energy Code (REC).
The REC is a new multi-party agreement, introduced by Ofgem, that will set out the framework for how the energy sector's new Centralised Registration Service will work. This is the platform that we are delivering which will enable domestic and small business consumers to switch much more freely and easily between energy suppliers.
The REC will define the rights and obligations for DCC, energy suppliers, network operators and all relevant parties involved in creating this faster switching mechanism in Great Britain, in much the same way that the SEC governs the Smart Metering arrangements. For me, it's a real sign of the growing maturity of our business, evolving to take on more obligations and a deepening role within the industry.
We know that research shows that consumers are reluctant to switch energy supplier fearing that the whole process is a hassle. But these consumers could be missing out on £100's worth of savings each year if they stay with the same energy supplier. So, I'm really excited that we are part of this amazing programme that will transform industry and help consumers.