United Kingdom

United Kingdom

UK regulator hires advisors for transmission tenders

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British energy regulator Ofgem has appointed financial advisors to help run the competitive tendering process for the offshore wires to bring power ashore from wind farms out at sea. A consortium led by Ernst & Young, with investment bank Royal Bank of Canada Capital Markets and insurance broker Willis, is to advise on the first round of tenders, worth between £500 million and £1 billion. This kicks off later in the year, after the conclusion in June of lengthy consultations between Ofgem, the Department of Energy and Climate Change and the wind industry on developing a competitive bidding process for licences to build, own and maintain offshore transmission infrastructure. It will be the first bidding round in a total £12 billion program to connect up to 33 GW of offshore wind around Britain's coasts.

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