Award

Credit Rating Agency Licenses

OFGEM

This public procurement record has 1 release in its history.

Award

18 Sep 2024 at 16:45

Award Notice
Summary of the contracting process

Ofgem, the Office of Gas and Electricity Markets in the UK, sought licenses from two credit rating agencies, Moody's Analytics and S&P Global, for independent analysis of the creditworthiness of regulated companies. This procurement, valued at £149,552.4 and covering the industry category "Software package and information systems" (CPV code: 48000000), proceeded through an open procedure and has been awarded. The contract commenced on 10th September 2024 and will conclude on 7th September 2027. The service will support Ofgem in maintaining the financial resilience of companies it regulates, with operations spanning various locations globally, including the UK, Europe, and other regions.

This tender presents significant growth opportunities, particularly for Small and Medium-sized Enterprises (SMEs) capable of offering financial analysis, regulatory assessments, and premium business intelligence services. Firms skilled in providing software solutions for financial analysis, networking, and license management would find this contract beneficial for expanding their portfolio and enhancing their market reputation. The collaboration with esteemed entities like Moody's Analytics and S&P Global can also foster innovation and improve service offerings by integrating high-standard credit risk assessments and market data analysis into Ofgem's regulatory framework.

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Notice Information

Notice Title

Credit Rating Agency Licenses

Notice Description

Ofgem requires two rating agencies provide independent analysis of the credit worthiness of the companies that Ofgem regulate. The licences include the requirement to maintain an investment grade rating from one of these agencies and this requirement forms a cornerstone of delivering a financial resilient sector for the benefit of consumers. Access to the credit rating agencies will enable Ofgem to: - Access independent analysis on the credit worthiness of companies Ofgem regulate principally the regulated networks. This facilitates Ofgem's management and monitoring of financial resilience which is central to the consumer interest. - Conduct monitoring to ensure that licensees meet and are likely to continue to meet licence obligations. - Provide insight into investor perceptions of risk in the areas Ofgem regulate and monitor wider trends in credit risk perception and investor confidence in other analogous sectors. - Use credit opinions and other information provided by the agencies to help conduct Ofgem's regulatory duties (finance ability assessments) and enhance the regulatory regime. - To be able to speak to analysts on their reports and view of the credit profile of clients - Provide access to wider market data helpful for Ofgem's monitoring - Download financial data for presentation in Ofgem internal analysis

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-14e4db25-d95b-4cee-9d3a-36370cabe8f6
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/05964db5-4f77-4bbc-ac28-bca0f7c89f1a
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure
Tender Suitability
SME
Awardee Scale
Not specified

Common Procurement Vocabulary (CPV)

CPV Divisions

48 - Software package and information systems

72 - IT services: consulting, software development, Internet and support

CPV Codes

48000000 - Software package and information systems

48200000 - Networking, Internet and intranet software package

48218000 - License management software package

48220000 - Internet and intranet software package

48440000 - Financial analysis and accounting software package

48441000 - Financial analysis software package

48460000 - Analytical, scientific, mathematical or forecasting software package

48482000 - Business intelligence software package

72212441 - Financial analysis software development services

Notice Value(s)

Tender Value
£149,552 £100K-£500K
Lots Value
Not specified
Awards Value
£79,912 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
18 Sep 20241 years ago
Submission Deadline
1 Jan 2024Expired
Future Notice Date
Not specified
Award Date
9 Sep 20241 years ago
Contract Period
9 Sep 2024 - 7 Sep 2027 2-3 years
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
OFGEM
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
E14 4PU
Post Town
East London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI4 Inner London - East
Small Region (ITL 3)
TLI42 Tower Hamlets
Delivery Location
Not specified
Local Authority
Tower Hamlets
Electoral Ward
Canary Wharf
Westminster Constituency
Poplar and Limehouse

Supplier Information

Number of Suppliers
2
Supplier Names

MOODY'S ANALYTICS

S&P GLOBAL

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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