On 26 May 2022, the REC Code Manager hosted a virtual webinar to inform REC stakeholders about changes to Performance Assurance within the REC that were required as a result of the implementation of Central Switching Service arrangements. The changes would take effect from REC V3.0 go-live on 18 July 2022. 

Summary

REC V3.0 brings changes to certain aspects of Performance Assurance activities under the REC. In this session, the Code Manager provided an overview of the impacts of change affecting several areas including:

• Updates to the Retail Risk Register
• Changes to the Performance Assurance Report Catalogue
• Changes to the market entry approach
• Additional responsibilities for the Performance Assurance Board (PAB)
• Creation of risk monitoring thresholds

New risk monitoring thresholds would allow the Code Manager to measure REC Party performance against a baseline performance expectation, based on historical trends, guidance from the PAB, and REC obligations. It was considered this would facilitate more effective and relevant application of Performance Assurance techniques.

Recording

Click on the video below to see an edited recording of the session.

Materials

The slides presented at the session can be downloaded here.