Ofgem, in collaboration with the Department of Energy and Climate Change (DECC), has established a new regulatory regime for offshore transmission networks. The regime will ensure that new offshore renewable generation projects are connected to the GB electricity grid economically and efficiently.
A key part of the regime is the grant of Offshore Transmission Licences on the basis of a competitive Tender Process. Ofgem is responsible for managing this process.
Delivering tenders for Offshore Transmission is a statutory duty of Ofgem. As we approach financial close and finalise the granting of an Offshore Transmission Licence for a project the Authority has a duty to ensure best value for consumers as well as to create transparency around the process of pricing complex financial instruments including but not limited to interest and inflation derivatives.
Ofgem require the services of a benchmarking adviser to ensure that the most competitive pricing of any financial instrument is achieved at financial close and a clear and transparent process is followed in arriving at this pricing for the transitional round two OFTO projects.(MT Ref:95819)
Published: 7 Dec 2012, Receipt by: 11 Jan 2013
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