‘Business energy brokers’ code’ to be in place by end of 2015
Ofgem, regulator of the gas and electricity markets, has published the next steps to the non-domestic third party intermediaries (TPI) code of practice in a letter to the energy industry.
After presenting the case in February 2014 for an intervention, Ofgem extended the deadline for responses to 30 June to enable as many stakeholders of the TPI community to have their say on this project.
The outcome from this consultation period is for a TPI code of practice to be put in place and underpinned by a new licence condition on suppliers to only work with TPIs accredited to the code. This will be governed by an independent board which will implement and monitor the code.
For business energy consumers the new TPI code of practice will ensure a better standard of service, which can only help to build win-win relationship between TPI and consumer based on better transparency of business fees, contracts offered and suppliers they represent.
Mark Alston, Director at ENER-G Procurement, said: “We welcome Ofgem’s proposal to require energy suppliers to work only with accredited TPIs and are keen to play an active role in raising industry standards.”
The next stage (Phase 2 – ‘Set-up’ stage) will take place between Autumn 2014 and Summer 2015 and will focus on the governance arrangements through consultation and establishing the independent board. The TPI code of practice is set to go live Autumn/Winter 2015.
ENER-G Procurement is an independent energy purchasing specialist and a founding member of the Utilities Intermediaries Association (UIA). ENER-G works with UK manufacturers’ organisation EEF to provide the EEF Energy Services.
Further information: www.energ.co.uk/procurement