Published date: 19 February 2025

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


Closing: 1 January 2025, 12am

Contract summary

Industry

  • Financial consultancy, financial transaction processing and clearing-house services - 66170000

  • Financial consultancy services - 66171000

  • Financial management consultancy services - 79412000

Location of contract

Any region

Value of contract

£870,000

Procurement reference

MT233839

Published date

19 February 2025

Closing date

1 January 2025

Closing time

12am

Contract start date

13 February 2025

Contract end date

12 October 2028

Contract type

Service contract

Procedure type

Open procedure

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

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

No

Description

Ofgem is required to run a tender exercise for all offshore transmission projects that qualify under the OFTO Tender Regulations 20151. The next offshore tender round - Tender Round 12 (TR12) - Ofgem is launching in February 2025. Provision of financial consultancy support services will be crucial to ensuring that a robust tender process takes place for TR12 and without this, Ofgem will be unable to run an effective tender process for this tender round.
To facilitate a robust tender evaluation process, Ofgem requires the services of a supplier on various aspects of the tender and transaction process. This will include advice and support to Ofgem on areas such as market capacity, existing funding models and options, key financial parameters to be reflected in the process (e.g. indexation policy), input to the design and content of tender questionnaire criteria and documentation, evaluation of bidder submissions, as well as various aspects of financial assessment required to bring the project to close/appoint an Offshore Electricity Transmission (OFTO).
Ofgem is required to undertake a cost assessment review of the OFTO assets for those projects that will be the subject of the tender process. Ofgem will review data provided by the relevant project developer in order to assess what the economic and efficient costs of developing and constructing the transmission assets are (once again, with this requirement being set out in Tender Regulations 2015). This process has three primary stages of review:
1 the Initial transfer Value;
2 the Indicative Transfer Value (ITV) and;
3 the Final Transfer Value (FTV).

More information

Links

Award information

Awarded date

12 February 2025

Contract start date

13 February 2025

Contract end date

12 October 2028

Total value of contract

£870,000

This contract was awarded to 1 supplier.

Smith Square Partners

Address

Byron House, 7-9 St James's Street, London

Reference

Companies House number: OC357682

About the buyer

Contact name

Lynsey Gordon

Address

10 South Colonnade
Canary Wharf
London
E14 4PU
England

Telephone

+44 2079017000

Email

procurement2@ofgem.gov.uk

Website

http://www.ofgem.gov.uk