ElectraLink, the Retail Energy Code Company (RECCo) and REC Code Manager have teamed up to integrate existing market data into retail energy market performance assurance.
The project aims to improve reporting accuracy and increase energy businesses’ accountability to their customers, while aligning with the Energy Data Taskforce’s recommendations to maximise the value of data.
It uses data from ElectraLink’s Data Transfer Service (DTS), allowing the REC Performance Assurance Board (PAB) to report on retail energy market participants in GB and assess their performance against regulatory obligations.
The three project partners designed a flexible solution to provide API access to DTS data, with the data structures constructed to enable the combination of multiple key performance indicators (KPIs) into single endpoints, therefore reducing the complexity and cost of delivering the system.
ElectraLink’s director of data and development, Paul Linnane, said ElectraLink determined that data from the DTS could be incorporated into 57 KPIs, with this reducing the impact on energy suppliers and other market participants from having to replicate the solution across their individual organisations.
As a result of the nine-month project, 73 API endpoints were produced and three processes defined in the REC, with performance concerns identified that the Code Manager is now addressing.
Additionally, 58 metrics across 13 retail risk drivers can now be measured by the Code Manager – with this enabling delivery of two specific performance assurance techniques – while data transfer costs for all market participants have been reduced since data is provided through the DTS’s not-for-profit mechanism.
“The variety of data available provides insights into countless energy market performance situations, and this is an excellent example of ElectraLink, RECCo and the Code Manager using central data and systems to benefit the overall energy industry,” Linnane said.
Last year saw ElectraLink come under new leadership, with Dan Hopkinson, who became acting CEO of ElectraLink in April 2021 when Stuart Lacey stepped down, becoming the permanent CEO of the company in November.
It followed Jonathan Purdy being appointed as chairman following Kevin Lee retiring earlier in 2021.