Notice Information
Notice Title
RIIO-ED2 PCFM Financial Model Audit
Notice Description
This procurement is for financial model audit services to provide assurance on the RIIO-2 Electricity Distribution Price Control Financial Model (RIIO-ED2 PCFM). The model acts as the official license instrument for setting revenues for the Distribution Network Operators (DNOs). The audit is essential for providing external stakeholders with confidence in the model and will be an important mitigant against DNOs' appeals to the Competition and Markets Authority (CMA). Ofgem is in the process of setting the network price control framework for the Electricity Distribution sector. The RIIO-ED2 price control sets the outputs that the 14 electricity Distribution Network Operators (DNOs) need to deliver for their consumers and the associated revenues they are allowed to collect for the five-year period from 1 April 2023 to 31 March 2028. Programme overview The Price Control Financial Model (PCFM) (aka License Model (LiMo)) is the financial model that is used to calculate the DNOs' revenues during RIIO-ED2. As well as this key function, it is also used to carry out financeability analysis in the run-up to establishing RIIO-ED2. Financeability analysis allows us to determine the potential impact of RIIO-ED2 on the financeability of DNOs based on both notional financial parameters and actual company data. As part of the process of finalising the RIIO-ED2 price control, over the course of 2022, Ofgem will reduce the current 'internal' financial model (containing full financeability functionality) down to an official 'external' version which will be used throughout RIIO-ED2 to determine DNOs' revenue allowances. The key assurances that Ofgem require on these models are: 1. A full audit of the external version of the model, which will be in development up until late 2022/ early 2023. 2. Assurance of the financeability analysis elements of the internal version of the model, which will be relied upon for making key policy decisions up until Final Determinations. The audit process will need align with these model developments, in line with the programme milestones. Please see attached 2022-015 RIIO-ED2 PCFM Financial Model Audit ITT document for further information.
Notice Details
Publication & Lifecycle
- Open Contracting ID
- ocds-b5fd17-58d5bb7b-b857-4975-b458-29015a412dfe
- Publication Source
- Contracts Finder
- Latest Notice
- https://www.contractsfinder.service.gov.uk/Notice/f005d99f-0f9c-4950-a1ce-d49f4ed9af65
- Current Stage
- Tender
- All Stages
- Tender
Procurement Classification
- Notice Type
- Tender Notice
- Procurement Type
- Standard
- Procurement Category
- Services
- Procurement Method
- Open
- Procurement Method Details
- Open procedure (below threshold)
- Tender Suitability
- SME
- Awardee Scale
- Not specified
Common Procurement Vocabulary (CPV)
- CPV Divisions
09 - Petroleum products, fuel, electricity and other sources of energy
66 - Financial and insurance services
71 - Architectural, construction, engineering and inspection services
72 - IT services: consulting, software development, Internet and support
79 - Business services: law, marketing, consulting, recruitment, printing and security
-
- CPV Codes
09000000 - Petroleum products, fuel, electricity and other sources of energy
09300000 - Electricity, heating, solar and nuclear energy
66170000 - Financial consultancy, financial transaction processing and clearing-house services
66171000 - Financial consultancy services
71314000 - Energy and related services
72221000 - Business analysis consultancy services
79212000 - Auditing services
79212100 - Financial auditing services
79400000 - Business and management consultancy and related services
79410000 - Business and management consultancy services
79411100 - Business development consultancy services
79412000 - Financial management consultancy services
Notice Value(s)
- Tender Value
- £160,000 £100K-£500K
- Lots Value
- Not specified
- Awards Value
- Not specified
- Contracts Value
- Not specified
Notice Dates
- Publication Date
- 22 Feb 20224 years ago
- Submission Deadline
- 9 Mar 2022Expired
- Future Notice Date
- Not specified
- Award Date
- Not specified
- Contract Period
- 31 Mar 2022 - 31 Mar 2023 6-12 months
- Recurrence
- Not specified
Notice Status
- Tender Status
- Active
- Lots Status
- Not Specified
- Awards Status
- Not Specified
- Contracts Status
- Not Specified
Buyer & Supplier
Contracting Authority (Buyer)
- Main Buyer
- OFGEM
- Contact Name
- Lynsey Gordon
- Contact Email
- procurement2@ofgem.gov.uk
- Contact Phone
- +44 2079017000
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
Further Information
Notice Documents
-
https://www.contractsfinder.service.gov.uk/Notice/f005d99f-0f9c-4950-a1ce-d49f4ed9af65
22nd February 2022 - Opportunity notice on Contracts Finder -
https://www.mytenders.co.uk/search/show/search_view.aspx?ID=FEB163827
NOTE: To register your interest in this notice and obtain any additional information please visit the myTenders Web Site at the link provided.
Notice URLs
Open Contracting Data Standard (OCDS)
View full OCDS Record for this contracting process
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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