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NEWS ANALYSIS: Transmission tinkers

22 July 2012

Small bank clubs offering tenors that match 20-year concessions have been the financing method of choice for the UK’s offshore transmission owner programme. But the UK’s power regulator, the Office of Gas and Electricity Markets (Ofgem), is looking for the buyers of OFTO concessions to pay larger upfront acquisition fees, and for concessions to feature greater levels of construction risk. In June 2009, Ofgem launched the competitive tender process for the first transitional tender round for offshore transmission projects in the UK. Since then, four projects out of the first round have closed and another five have been awarded. Ofgem also named a preferred bidder in May this year for Lincs, the first out of the second transitional tender round. The tender process has helped increase competition in the UK transmission sector and mitigated some of the risks that offshore generators face in building transmission. The strong regulatory regime underpinning...

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