PR19 Lessons Learnt

While we are proud of what we have achieved, and pleased that the PR19 process is widely acknowledged as a significant improvement on PR14, we are committed to continually improving as a regulator. We are therefore seeking to learn all we can from PR19.  PR24 and beyond: Our reflections on lessons learnt from PR19 sets out our learnings from PR19 so far.

The findings in this document are based on the extensive engagement exercise we have carried out since the final determinations were published and our own internal reflections. We are grateful to our stakeholders for embracing new ways of working to engage with us virtually in the PR19 lessons learnt review through the COVID19 pandemic.

We acknowledge there will be much more to learn as we observe company performance over the 2020-25 period. And at the time of writing, the redeterminations for four companies by the Competition and Markets Authority (CMA) are ongoing. Following the CMA process, we will consider what further lessons we should apply to future reviews, but these are outside of the scope of this document.

We will seek to build on these lessons, and any further lessons arising from the CMA redeterminations, to help to deliver our strategy: Time to act, together as we move towards the next price review, PR24, and beyond.