Professional Advisory Services to Support OFGEM’s OFTO Team

Award

Buyers

Value

£8,320,000

Classifications

  • Business and management consultancy services
  • Financial consultancy services
  • Financial consultancy, financial transaction processing and clearing-house services
  • Project management consultancy services
  • Business analysis consultancy services
  • Business and management consultancy and related services
  • General management consultancy services
  • Financial management consultancy services
  • Evaluation consultancy services
  • Technical analysis or consultancy services
  • Technical testing, analysis and consultancy services
  • Business development consultancy services
  • Financial and insurance services
  • Insurance services
  • Insurance brokerage and agency services
  • Insurance brokerage services
  • Insurance agency services
  • Insurance consultancy services

Tags

  • award
  • contract

Published

3 years ago

Description

OFTO licences, granted through the competitive process, confer certain rights and responsibilities on OFTOs, including the right to a regulated revenue stream for a defined period  in return for provision of transmission services.
Through the tender process, interested parties have the opportunity to bid to become an OFTO. The offshore transmission assets that the OFTO takes ownership of are acquired at a transfer value determined by the Authority. Following transfer of ownership, the OFTO owns and manages the transmission assets (including the cables and associated connection equipment) between the offshore point of connection with the generator and the point of connection with the onshore network.
Following the transfer of ownership, the OFTO is required to comply with the licence conditions. The revenue stream also includes mechanisms which adjust the OFTO’s regulated revenue stream for certain ‘pass-through’ items. The Income Adjusting Event (IAE) is one such ‘pass-through’ revenue adjustment mechanism for costs and expenses that have arisen during the revenue term, for example, due to fault or failure of the system (subject to defined pre-requisites), or at the Authority’s discretion. The Authority is responsible for the decision-making when such claims are made. Other policy development and enforcement actions may also be required during the revenue stream.
This procurement is seeking expert consultancy services to support decision-making and policy development for all such requirements in the regime.

Documents

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  • Contract Agreement

    The official contract terms, conditions, and scopes of work.

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  • Award Notice

    Details on the tender award and selected suppliers.

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Administration of the Ofgem Energy Industry Voluntary Redress Fund

Ofgem seeks to appoint a Service Provider with expertise in allocating funds to various projects within primarily charitable/non-profit organisations, and who has a deep understanding of the needs of energy consumers across Great Britain. The Service Provider will manage voluntary redress payments made to the Energy Redress Scheme and will ensure that these funds deliver the greatest positive impacts for energy consumers. This requires efficient financial management and expert assessment of funding applications.  The Service Provider must achieve the following outcomes:  Efficient financial management of voluntary redress monies, including receiving funds from energy companies, ring-fencing them as appropriate, and awarding grants to suitable Redress Recipients.  An adaptable and flexible approach to managing redress monies so as to ensure effective response to fluctuations in the amount of funds available, and possible changes to Ofgem's guidance on the allocation of redress funds. It is important to note that Ofgem reserve the right to amend this guidance, for instance to increase the numbers of organisations eligible to apply for funding. In the event of any changes, Ofgem will work closely with the Service Provider to ensure their smooth implementation before they take effect.  Identifying and assessing potential redress recipients to maintain and build on the existing portfolio of reputable recipients with strong financial track records and projects that benefit energy consumers across Great Britain. The successful management of the process by which funds are awarded and paid to grantees, including application and assessment processes Effective management of the award of funds to worthwhile projects, including awards to fuel voucher projects with a minimum award of £1 million per project. System Integration: the successful Service Provider must deliver either:  a successful integration of existing systems supporting online applications, the database of eligible applicants, and the Energy Redress website; or  a new, fit-for-purpose system that provides these services and is fully operational at the commencement of the contract.  Using knowledge of the British energy sector and consumer needs (including vulnerable and future consumers) to allocate funding that delivers value for money and benefits in line with Ofgem's Guidance (which may change from time to time) on voluntary redress funds.  Monitoring project delivery and providing regular updates to Ofgem.   Evaluating the effectiveness of allocation awards.  Providing monthly financial reports and other regular reports to Ofgem (quarterly and annual) on the impact of projects on energy consumers, ensuring funds deliver value for money and long-term benefits and assisting with enquiries related to all aspects of the operation of the fund, as and when they arise. Ensuring that there is transparency and accountability by maintaining a publicly available website dedicated to the energy redress fund, which will provide detail on funding rounds, the application process, all projects that have been awarded funds, and the annual evaluation reports.  Maintain an ethos of continuous improvement that ensures the ongoing evaluation of scheme performance against objectives, review of processes and procedures and how they can be improved to support the objective of increasing the impact of the fund.  Further information can be found in the attached ITT document.

Katy Reed

Published 3 hours ago

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