Legal News

Ofgem opens consultation on the OFTO tender process

Published on: 23 November 2020
Published by LNB News

LNB News 23/11/2020

Document Information

Issue Date: 23 November 2020

Published Date: 23 November 2020

Jurisdiction(s): England, Scotland and Wales

Article summary

Ofgem has launched a consultation concerning the developments to the existing Offshore Transmission Owners (OFTOs) tender process. The consultation comes after a number of reviews of the Offshore Transmission Owners (OFTOs) tender process. As part of its consultation, Ofgem will consult on the tender process changes, the reference interest rates switch from London Inter-Bank Offered Rate (LIBOR) to Sterling Overnight Index Average (SONIA), Consumer Prices Index (CPI) or the Retail Price Index (RPI) indexation of revenue, insurance requirements for OFTO bids and wider regime development. The consultation aims to consider a number of items relating to the OFTO tender regime, which Ofgem proposes to implement in upcoming tender rounds to address some of the knowledge gained from past tenders. Ofgem welcomes views from all stakeholders. The deadline for responses is 8 January 2021.

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