An innovation fund for the water retail market has been launched by MOSL.
The market operator unveiled the Market Improvement Fund for groups and projects to apply for funding between £10,000 and £150,000 from a total pot of £1 million.
The money will be redistributed from performance standard charges, as stipulated early in 2020, to encourage market improvement instead of being redistributed back to trading parties.
Projects must:
- Enhance market functioning and benefit non-household customers
- Not be considered ‘business as usual’
- Not confer any competitive advantage to any trading party or group of trading parties
- Be sponsored by at least one trading party or MOSL as market operator (however third-party bids are encouraged).
Trisha McAuley, industry panel chair, said: “The aim of this fund is to help better the market for its customers. I hope that it encourages collaboration and new partnerships, new ways of thinking and greater innovation in tackling some of the longstanding market issues, whilst also focusing on a sustainable future market.”
This will be the first of several funding rounds, which MOSL said it anticipates repeating each financial year.
Submissions will be reviewed by MOSL before being assessed by an independent selection committee, which is currently being recruited. It will be made up of trading party, customer, and independent representatives.
The winning bids will be announced in November.