Our response to coronavirus

Find out how we're working to keep the electricity and gas flowing reliably throughout the outbreak.
chapter 6

Being transparent

Here, you can find out how we demonstrate that we are transparent in our financial and operational performance, how what we deliver is in the interests of our stakeholders and how we will make sure that we deliver on our outputs and commitments that improve society.

What this stakeholder priority is about

Public trust in energy companies is low and rebuilding this trust is one of the key challenges we face in the coming years. Stakeholders have told us that high levels of transparency are a key aspect of earning their trust, alongside having a positive impact on the environment, customers and communities we serve.

If we want to truly earn the trust of our stakeholders and earn their confidence in what we do, we need to:

  • demonstrate how what we deliver is in the interest of our stakeholders
  • explain our financial and operational performance in a clear and open manner
  • clearly link our leadership and team incentives to deliver the outputs our stakeholders want.
     

What you can find in this chapter

  1. What this stakeholder priority is about
  2. Track record and implications for T2
  3. What our stakeholders are telling us
  4. Our proposals for the T2 period
  5. The justification of our proposals
  6. Our proposed costs for the T2 period
Business Plan Chapter
Engagement Log

End to end description of stakeholder engagement and how it has influenced our plan

Engagement log 

Summary of Outputs

Stakeholder Feedback

Our proposals

T2 Baseline cost £m

Consumer benefit

Want a clear line of sight between activities, operational performance and financial reward which is easy-to-understand and easily accessible

Increase the scope of our annual performance report and communicate our performance to our stakeholders

 

Publish the data and reporting requirements for annual regulatory reporting process to Ofgem and prepare our system for the data exchange service
1.2

Ensure consumers only pay for the work we must carry out

 

Better understanding of the role we play in the industry and society

 

We are an inclusive organisation which helps promote future talent

Want to have confidence that the revenue we earn is fair and they want us to be a responsible and fair business

Retaining the Independent Stakeholder Group to hold us to account on our reporting

 

For proposals that relate to us being a responsible and fair business, refer to section 4 in Chapter 11 We will care for the environment and communities
N/A

Ensure consumers only pay for the work we must carry out

 

Better understanding of the role we play in the industry and society

 

We are an inclusive organisation which helps promote future talent

Want to have sight of the business planning process and what has changedIntroducing the annual business planning process – see chapter 6 section 3 Giving stakeholders and consumers a stronger voiceN/A

Ensure consumers only pay for the work we must carry out

 

Better understanding of the role we play in the industry and society

 

We are an inclusive organisation which helps promote future talent

Need to ensure that pay and reward is aligned to our business plan outcomesWe are all aligned and committed in delivering the right outputs for the T2 period 

Ensure consumers only pay for the work we must carry out

 

Better understanding of the role we play in the industry and society

 

We are an inclusive organisation which helps promote future talent

Explore our other chapters