About Consultation

This consultation sets out details of our proposed approach to the reconciliations that will be required during, and at the end of, the 2020-25 price control period. It provides clarity on:

• how we will make changes to companies’ allowed revenue and/or Regulatory Capital Value (RCV);
• which price controls are potentially affected; and
• when and how we will administer the process.

Our approach to reconciliation of price controls at the 2019 price review (PR19) is a significant evolution of our approach at the 2014 price review reflecting a further development in how we undertake reconciliations, through:

• additional and better targeted reconciliations, to ensure companies’ allowed revenues are appropriate; and
• more in-period reconciliations to ensure changes to allowed revenue are undertaken in a more timely way.

How to respond

We welcome your comments on our reconciliation rulebook by 29 April 2020. This includes:

• the contents of the PR19 Reconciliation Rulebook consultation – proposed approach and policy;
• the contents of the PR19 reconciliation rulebook consultation – reconciliation model guidance document which has further details of each model and guidance; and
• the associated draft models

Please send your comments to [email protected] and copied to [email protected].