Published date: 23 January 2024

Awarded contract - This means that the contract has been awarded to a supplier.


Closing: 1 November 2023, 12am

Contract summary

Industry

  • Financial consultancy services - 66171000

  • Research and development services and related consultancy services - 73000000

  • General management consultancy services - 79411000

Location of contract

United Kingdom, Isle of Man, Channel Islands, British Oversea Territories, Europe, Rest of the World

Value of contract

£100,000

Procurement reference

MT231124

Published date

23 January 2024

Closing date

1 November 2023

Closing time

12am

Contract start date

21 December 2023

Contract end date

20 December 2024

Contract type

Service contract

Procedure type

Open procedure (above threshold)

Any interested supplier may submit a tender in response to an opportunity notice.

This procedure can be used for procurements above the relevant contract value threshold.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

No

Description

Ofgem require consultants to conduct work related to the Revenue Term policy for the Offshore Transmission Owner (OFTO) Regime which has evolved over a series of tender rounds. Prior to Tender Round 6 TR6, the policy was a ~ 20-year Tender Revenue Stream (TRS). Since TR6, the revenue term has increased to ~ 25 years (the exact term can vary project to project).
There has been a number of considerations that have impacted Ofgem's choice of the appropriate revenue term policy for OFTO, notably:
the expected life of offshore windfarms;
the expected technical life of OFTO assets;
precedent of the revenue term in other contexts (e.g. Private Finance Initiative);
the attractiveness of different revenue terms to different financing solutions.
Ofgem required a study to be created that reviewed the impact of moving to a 30-year (or longer) TRS.

More information

Links

Award information

Awarded date

19 December 2023

Contract start date

21 December 2023

Contract end date

20 December 2024

Total value of contract

£100,000

This contract was awarded to 1 supplier.

Smith Square Partners Llp

Address

Westminster Tower, 3 Albert Embankment, London

Reference

Companies House number: OC357682

About the buyer

Contact name

Allan Weir

Address

10 South Colonnade
Canary Wharf
London
E14 4PU
England

Telephone

+44 2079017000

Email

Allan.weir@Ofgem.gov.uk

Website

http://www.ofgem.gov.uk