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UK regulator hires advisors for transmission tenders
1 February 2009
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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