FC nears for East Anglia OFTO

UK energy regulator Ofgem has commenced the consultation to change the standard conditions of the electricity transmission licence so that the East Anglia One offshore transmission owner (OFTO) can reach financial close.

The consultation is part of the process to enable the OFTO contract to be completed between the authority and the preferred bidder, the consortium comprising Transmission Capital Partners and INPP.

“This is a key step towards reaching financial close on the investment that the company expects to make in the project,” said INPP. “The company expects to invest c.£105m into the project upon financial close, anticipated to be in December 2022.”

The consortium won the contract in December 2020.

Meanwhile, ratings agency Moody’s has changed the outlook on the Gwynt y Mor OFTO to stable, having previously been negative. The change is due to the successful remedying of a series of faults that had affected the connection line, with full capacity being restored in July this year.