Award

Financial Adviser for Offshore Transmission TR12

OFGEM

This public procurement record has 1 release in its history.

Award

19 Feb 2025 at 17:45

Award Notice
Summary of the contracting process

Ofgem has completed the procurement process for a "Financial Adviser for Offshore Transmission TR12," classified under CPV code 66170000, which pertains to financial consultancy, financial transaction processing, and clearing-house services. The contract was awarded on 12th February 2025, with the procurement stage identified as 'Award.' This opportunity was an open procedure tender, reflecting its wide competitive nature. The contract, valued at £870,000, commenced on 13th February 2025 and is set to conclude on 12th October 2028. The supplier for this contract is Smith Square Partners, and the services will be delivered across multiple regions including the British Overseas Territories, Channel Islands, Europe, Isle of Man, rest of the world, and United Kingdom. The procurement aimed to secure financial consultancy support to assist Ofgem in the robust execution of Tender Round 12 (TR12) for offshore transmission projects.

This tender represents a significant opportunity for businesses in the financial consultancy sector to contribute to the strategic operations of Ofgem, specifically in the realm of offshore transmission projects. Firms that specialise in market capacity analysis, financial modelling, and advisory services on financial parameters will find this contract particularly suited to their expertise. Small and medium-sized enterprises (SMEs) are noted to be particularly suitable candidates for this opportunity, highlighting the inclusiveness of the procurement process. Engaging in this tender can help businesses establish or strengthen their presence in the energy sector, offering long-term, financially valuable engagements. The comprehensive consultancy role also allows for significant input in shaping major industrial projects, paving the way for business growth through high-profile, impactful opportunities.

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Notice Information

Notice Title

Financial Adviser for Offshore Transmission TR12

Notice 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).

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-be9764db-0eb6-4550-9df0-d9f7b25adf71
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/f346e465-dfee-4f3a-92f8-a083daf65951
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

66 - Financial and insurance services

79 - Business services: law, marketing, consulting, recruitment, printing and security

CPV Codes

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

66171000 - Financial consultancy services

79412000 - Financial management consultancy services

Notice Value(s)

Tender Value
£870,000 £500K-£1M
Lots Value
Not specified
Awards Value
£870,000 £500K-£1M
Contracts Value
Not specified

Notice Dates

Publication Date
19 Feb 20251 years ago
Submission Deadline
1 Jan 2025Expired
Future Notice Date
Not specified
Award Date
12 Feb 20251 years ago
Contract Period
13 Feb 2025 - 12 Oct 2028 3-4 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
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

Supplier Information

Number of Suppliers
1
Supplier Name

SMITH SQUARE PARTNERS

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

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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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