The companies that have so far failed to register for the CRC are in for a short, sharp and expensive shock come October 1.

That’s the view of CRC specialist Richard Hipkiss, director of i-prophets energy services, who kicked off one of the opening seminars at The Energy Event.

Later Hipkiss told ELN that “there is a myth, an illusion, an expectation, that policies will change… that the new government will not follow through and enforce policy. That’s a myth that is unfounded.”

Not registering on time means financial punishment, and Hipkiss said that among the firms yet to submit, there is “minimal awareness what the fines are and minimum thought that they will be enforced”.

He said some people would call the complex fine structure “Draconian” and explained: “There is a fine for every late submission of a report. For example, late submission of your footprint report is £5,000 per day, plus £500 for each additional day that you are delayed in submitting it.”

Watch our CRC TV report from the opening day of the Energy Event, including the full inteview with Richard Hipkiss