Market operator publishes Market Data Strategy to significantly improve the quality of data in the non-household market

MOSL has published the first Market Data Strategy for the non-household water market.

The strategy, which has been produced in partnership with information management consultancy Aiimi and in collaboration with trading parties and wider market stakeholders, including Ofwat and CCW, outlines MOSL’s commitment to helping trading parties to “realise the full potential” of market data.

It follows the publication of MOSL’s Data and Information Charter, which has been further enhanced since its release in October 2021, which set out eight commitments to better enable the market to achieve its goals through the improved quality, use and sharing of data.

The strategy centres around the following four themes:

1. Reduce the cost and increase the value of market data

2. Increase the completeness and accuracy of market data

3. Develop a Market Data Framework

4. Use data proactively to uncover risks, issues, and opportunities.

Each theme details several areas, including key milestones, roles and responsibilities of market participants and legislative considerations, such as the safeguarding of data.

Following publication on March 9, 2022, MOSL will be developing a data and analytics roadmap, outlining the activities that will support the delivery of the strategy over the next five years and beyond. Prioritisation of the activities will be informed by the outcomes of the first theme, which involves an in-depth analysis of the cost and value of data.

Sarah McMath, CEO of MOSL says: “Good quality data that we can derive insight from, is critical to a successful and evolving market. The Market Data Strategy will tackle the root causes of legacy data quality issues and provide market participants the tools they need to tackle inefficiencies caused by poor data. This strategy provides the framework for market participants to work together and unlock the true value of market data.”

NEWS CATEGORIES

LATEST NEWS

Association for Consultancy and Engineering publishes plan for next government

The Association for Consultancy and Engineering, the voice for consultants in the built and environmental industries sectors, has published A Plan for the Next...

Wave strengthens team with two senior hires

National water retailer Wave, has appointed two new key hires, marking an important phase in its growth. As the business introduces its new Operations Directorate,...

£8 million clarification process and £4 million carbon addition upgrade completed at Derg Water Treatment Works

NI Water has announced the recent completion of 2 projects totalling approximately £12 million, which involved the construction of a new £8 million clarification...

Barhale to upgrade water delivery capacity for Corby

The upgrade of a key Anglian Water asset in Corby will pave the way for future residential development in the Northamptonshire town where the...