We are thrilled to have been shortlisted for the Energy Institute’s Innovative Technologies Award in November 2020. Our passion for bringing about a better world through our expertise in energy regulations has led us to create CodeWorks – where you will find energy regulations in a digital format, in one place.
When we created CodeWorks in 2019, we wanted to show the impact of digitising energy regulations in helping regulated parties build a better understanding, and in turn deliver better outcomes, for their customers and the environment. Having achieved our initial priority of digitising the Smart Energy Code (covering the roll out of smart meters), we have since uploaded other energy regulations and are keen to bring regulators and innovators together on the platform. Doing so can help reduce regulatory burdens faced by established players, ease market access for new entrants and improve compliance and transparency.
As the commonly agreed rules on how operators within the market must behave, regulations form a cornerstone in helping energy companies deliver services while managing the myriad of challenges they face. Within these organisations, strategic or tactical decisions are carefully weighed up against regulations. As the volume of these decisions increases due to growing uncertainty and growing complexity, there is pressure to simplify how the regulations are searched, and in time, to consolidate and simplify regulations to reduce the regulatory burden.
This is made more complicated when you factor in the growing societal needs for better transparency, accountability and impact in how energy companies serve their communities. The recent jolt to the UK economy from the ongoing Covid-19 pandemic has uncovered the fragility of the market. The impact of the pandemic on people’s incomes is challenging some foundational market assumptions and growing energy debt and poverty mean that the industry is being asked to do more to support impacted communities.
To respond to the economic fallout from the pandemic, governments are prioritising spend on green initiatives. How much these initiatives can simultaneously stimulating the economy and protect vulnerable people, all the while meeting the climate and ecological goals, will be materially impacted by how much they and the wider delivery chain are held to account. Through providing a transparent, evidence-based collaboration platform which enables regulators and law makers to engage directly with operators and customer representatives, we feel that the CodeWorks platform can enable better, and faster, decisions on the rules.
We can only meaningfully engage with these interlinked societal, environmental and economic challenges if we park our biases and pull together. All too often there is a view that unique market positions must be protected, that technology will be the silver bullet, and that consumers are only motivated by financial incentives. Organisations that openly challenge these views, and make visible the impact that they and their community of customers are having, will be able to draw others to achieving shared goals. Those that don’t will find themselves swimming against the current. It is precisely because we see this that we created CodeWorks, to enable a single place for both industry and the people it serves to come together and shape how, together, we can overcome the challenges we are facing.