---
title: "2026-056 Cost of Debt Support"
ocid: "ocds-b5fd17-834b6aeb-dbb2-4d3d-9c97-8ddbf0a4e82d"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-834b6aeb-dbb2-4d3d-9c97-8ddbf0a4e82d"
markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-834b6aeb-dbb2-4d3d-9c97-8ddbf0a4e82d.md"
json_url: "https://d3tenders.com/contract/ocds-b5fd17-834b6aeb-dbb2-4d3d-9c97-8ddbf0a4e82d.json"
source: "Contracts Finder"
current_stage: "Award"
buyer: "Ofgem"
published: "2026-08-21"
---

# 2026-056 Cost of Debt Support

Buyer: Ofgem  
Current stage: Award  
OCID: ocds-b5fd17-834b6aeb-dbb2-4d3d-9c97-8ddbf0a4e82d

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## Summary

Ofgem procured specialist financial consultancy services for its Regulatory Finance function. The requirement is on-demand cost of debt analytical support for price control work, including RIIO-3 and ED3, and for assessing how cost of debt interacts with financeability. Support is to be drawn down flexibly under a call-off arrangement as emerging priorities and deadlines arise. The main classification is financial consultancy services, with an additional focus on financial market regulatory services. Delivery covers Ofgem’s work across the United Kingdom and internationally, including Europe, the Channel Islands, the Isle of Man, British Overseas Territories and the rest of the world. Ofgem is based in London. The opportunity was identified as suitable for small and medium-sized enterprises.

The procurement is complete and was run as an open procedure. The tender submission deadline was 1 January 2026. Ofgem awarded the contract to Cepa LLP on 27 July 2026. The awarded value is £120,000, and the contract runs from 29 July 2026 to 28 July 2027. The requirement is structured as a flexible call-off arrangement, allowing analytical support to be commissioned when required across the buyer’s price control programme. The award was active at the recorded stage. The procurement’s stated category is services, covering specialist cost of debt analysis and related regulatory finance advice. Cepa LLP is the selected supplier for the requirement.

This procurement demonstrates demand from Ofgem for specialist advisers who can analyse the cost of debt in regulated utility finance and apply that analysis to price controls and financeability assessments. Credible competitors would need strong expertise in debt markets, regulatory finance, cost of capital analysis and the economics of regulated networks. They would also need to translate technical financial evidence into advice that supports regulatory decisions, respond to changing priorities, and work to demanding programme deadlines. Experience of UK utility regulation and major price control processes would be particularly relevant, including the ability to understand interactions between financing assumptions and the financial resilience of regulated businesses. The flexible call-off model favours firms able to provide senior analytical capacity on demand.

## Notice

Ofgem requires the ability to draw down as and when required, to a supplier to provide specialist Cost of Debt (CoD) analytical expertise to support Ofgem's Regulatory Finance function. The supplier will provide on-demand CoD analytical support across Ofgem's price control work (e.g. RIIO-3 / ED3) and the interaction of CoD with financeability assessments. Support will be commissioned flexibly under the call-off arrangement to respond to emerging priorities and deadlines.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Contracts Finder |
| Latest notice | https://www.contractsfinder.service.gov.uk/Notice/ad663e49-c4ae-4fff-ab6f-cd13a11439a4 |
| 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 |
| All stages | Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 21 Aug 2026 |
| Submission deadline | 1 Jan 2026 |
| Future notice date | Not specified |
| Award date | 27 Jul 2026 |
| Contract period | 29 Jul 2026 - 28 Jul 2027 |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £120,000 |
| Lots value | Not specified |
| Awards value | £120,000 |
| Contracts value | Not specified |

## Status

| Field | Value |
| --- | --- |
| Tender status | Complete |
| Lots status | Not specified |
| Awards status | Active |
| Contracts status | Not specified |

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | Ofgem |
| Locality | LONDON |
| Postcode area | East London |
| Postcode | E14 4PU |
| Country | England |
| ITL 1 | TLI London |
| ITL 2 | TLI4 Inner London - East |
| ITL 3 | TLI42 Tower Hamlets |
| Local authority | Tower Hamlets |
| Electoral ward | Canary Wharf |
| Westminster constituency | Poplar and Limehouse |
| Delivery location | Not specified |

## Supplier

| Field | Value |
| --- | --- |
| Number of suppliers | 1 |
| Supplier names | Cepa Llp |

## CPV Codes

### Divisions

- 66 - Financial and insurance services

### Codes

- 66152000 - Financial market regulatory services
- 66171000 - Financial consultancy services

## Release History

- 21 Aug 2026 at 17:45 - Award - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/ad663e49-c4ae-4fff-ab6f-cd13a11439a4

## Documents

- https://www.contractsfinder.service.gov.uk/Notice/ad663e49-c4ae-4fff-ab6f-cd13a11439a4
  21st August 2026 - Awarded contract notice on Contracts Finder
- https://www.mytenders.co.uk/search/show/search_view.aspx?ID=AUG171761
  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

- http://www.ofgem.gov.uk

## Provenance

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