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Market Operator Service Limited (MOSL) published its 2018/19 business plan last week, setting out its priorities and budget.
As a company jointly owned by the water companies that trade in the non-household retail water market, MOSL is required to seek approval of its annual business plan and budget by its water company members.
The document was approved at the organisation’s general meeting on 15 December 2017 and was published on MOSL’s website on 5 January.
MOSL said its 2018/19 business plan is underpinned by two overriding principles: the need for cost and efficiency to remain at the “top of the agenda” and the need to prioritise the “stabilisation” of the market in the early stage of its development.
The business plan also incorporates a total budget of £10.7 million. This includes a base cost of £8.9 million, a £1 million budget for market driven change costs and a £0.8 million market audit cap to provide “independent assurance” of the compliance of companies operating in the market and the market operator itself.
MOSL said the budget marks an overall 18 per cent reduction in its membership charge compared to the 2017/18 budget.
Jim Keohane, chair of MOSL, said: “The process through which our business plan was agreed followed a robust challenge from the board and depended upon the engagement of our members, stakeholders, and their input through the consultation process.
“The approval by members of the 2018/19 business plan and budget is a great vote of confidence in our plans, our company and our people. Following the approval of the plan by MOSL’s members, the MOSL board will provide oversight of its successful delivery by the MOSL executive team.”
Chris Scoggins, chief executive of MOSL, added: “The 18 per cent reduction in our membership charge compared to the current year is a very concrete demonstration that cost-efficiency is at the heart of everything we do.
“At the same time, we recognise the importance of stabilising the market during a year when we will still be running processes for the first time. Stabilisation is the golden thread underpinning our plans for the year ahead, which means investing in our people, processes and systems to deliver an efficient and effective market.”
MOSL will publish its third quarterly review, covering the first nine months of the market on 25 January.
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