Flexible and Responsive Energy Retail Markets
In November 2018, BEIS and Ofgem launched a joint review to investigate what policy, legal and regulatory changes might be needed to ensure that the energy retail market is fit for the future.
Energy Systems Catapult has responded to an accompanying consultation, which sets out their vision for the future energy retail market, the key challenges we need to address and the outcomes we want the energy retail market to deliver.
- The Catapult supports the broad emphasis in the review of the energy retail market on reform to enable innovation and the emergence of new business models and differentiated services. Innovation will be key to enabling efficient decarbonisation and management of the wider transition to smart, clean energy services.
- We support the key components of the broad vision for future energy retail markets that:
- deliver wide choice,
- provide consistent consumer protection,
- minimise market distortions,
- deliver competitive prices and
- meet vulnerable consumers’ needs.
- Reform of retail market arrangements and regulation is vital to enable innovation and to harness the potential of new retail offers in delivering flexible low carbon energy services to consumers. In this context, retail market reforms should work in tandem with simplification of industry codes and their operation, as well as reform of code governance arrangements to improve agility in addressing energy market changes.