Energy regulation compliance: How large businesses can keep abreast of changes

For large businesses, complying with regulatory standards is essential. Optimise your efforts with our extensive pointers below...

11 February 2021

The energy regulatory environment has developed significantly over recent years to include a vast set of stipulations that must be observed and followed in accordance with the law.  

The ever-changing landscape of energy compliance – something which encompasses everything from data processing to new modifications – makes managing regulations harder than it previously has been. Regulations can sometimes require dedicated resources to ensure that they’re comprehensively understood and followed across the organisation.  

Here, we'll take a look at some of the ways you can make energy regulatory compliance a less time-intensive upkeep within your business.

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Why is energy regulatory compliance important?

Vital for the management of risk and hazards, regulatory compliance is important for many reasons, including:

  • Keeping up with an ever-changing regulatory environment – since the regulatory environment is constantly shifting, so too are its targets. Even after you think you've achieved full compliance, something changes, and you have to alter things to stay compliant. Unfortunately, this can make compliance a difficult process.
  • Failing to comply is costly – by failing to adapt to these changes, it can cost you dearly, leaving your business open to potential lawsuits and financial liabilities. Regulatory compliance, therefore, helps you protect your business’ resources and reputation.

Think about how much time and effort it takes to build trust with customers, prospects and vendors; a lot of that can be due to your ethical behaviour and the positive public image it has cultivated.

A misstep in compliance can be all it takes to break the trust you've taken so long to create. Compliance plays a huge role in the good faith your customers have in you.

  • Provides essential company protection – more than simply bureaucratic red tape, regulations are there to protect the business you work for, your colleagues and your customers. As well as fines, failing to comply can result in other less-than-ideal instances like data breaches, fraud, and things that can harm those you work with.

And while it's tempting to view regulatory compliance as a nuisance, it's important to remember that they benefit your company as well as internal and external individuals, so it's essential you're adhering in the appropriate manner.

 

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How can I make energy regulatory compliance easy to follow?

Get to know your regulations

Reading through regulatory guidelines might not be top of your to-do list, but it’s certainly important. When you're busy, it can be tempting to gloss over critical sections of regulatory documentation and think you've got the gist of things.

Instead, recognise that other people can help you in this regard; the Legal team may be able to assist in breaking down what can be a large task.

Informing others in the company as to the importance of regulatory compliance can help them to champion it, ensuring that teams across the organisation are doing their part in complying with energy regulations. In doing so, include this ad-hoc team in the decision-making process and be sure to trust their judgment when the time comes.

Sign up to industry body newsletters

Another way to stay informed of the ever-changing landscape of energy regulatory compliance is by signing up to newsletters devised by industry bodies. Be sure to distribute this literature across the company to fully maximise awareness and understanding of any updates and changes to compliance.


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Attend energy regulation webinars

With virtual events and webinars in rude health due to the ongoing global pandemic, now's the time to improve your knowledge of energy regulation by attending some from the comfort (and safety) of home. Delivered by professionals with first-hand experience, the insights and advice gleaned from such events can be hugely beneficial.

You'll find more information on Gazprom Energy's own events and webinars here.

Create a regulatory compliance calendar

In spreading the news of energy regulation through the company, the topic will be more readily at the front of people's minds. You can take this awareness a step further by creating a compliance calendar that maps out the salient compliance details through the year.

Include deadlines, important hearings on compliance matters that relate to the company, and key decisions and rulings. Share it with the company so that everyone can stay up to date with incoming regulatory changes.

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See what your competitors are doing

Your competitors face the same regulatory challenges, so why not use your network to hear what other people are doing? There's nothing wrong with getting in touch to glean some insights from them if it'll help ensure future success for you and your business.

Look towards automation

Often, manual compliance processes can take a matter of months to implement. And when you and your team have other duties to complete throughout the day, carrying out these arduous regulatory tasks can easily fall by the wayside.

Thankfully, modern platforms like Plutora, a value stream management platform that manages software delivery along the project timeline, can take care of the more time-consuming duties related to compliance, cutting the time down to a few hours and ensuring you meet regulatory requirements in the process.

Speak to your energy supplier

It’s likely that your energy supplier will have a regulatory team, so it's well worth getting in touch with them to iron out any issues you're having with understanding energy regulation compliance.

 

Gazprom Energy is a leading supplier of energy for businesses, offering competitive gas and electricity contracts that are simple to set up and manage. For more information, visit the homepage or call our team today on 0161 837 3395.

The views, opinions and positions expressed within this article are those of our third-party content providers alone and do not represent those of Gazprom Energy. The accuracy, completeness and validity of any statements made within this article are not guaranteed. Gazprom Energy accepts no liability for any errors, omissions or representations.

 


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