Insurance Adviser for Offshore Transmission TR12 and ad-hoc Policy Support

Ofgem is required to run a tender exercise for all offshore transmission projects that qualify under the OFTO Tender Regulations 20151. The next offshore tender round - Tender Round 12 (TR12) - Ofgem is launching in February 2025. Provision of insurance consultancy support services will be crucial to ensuring that a robust tender process takes place for TR12 and without this, Ofgem will be unable to run an effective tender process for this tender round.

To facilitate a robust tender evaluation process, Ofgem requires the services of a supplier on various aspects of the tender and transaction process. The supplier will provide insurance advice and support to Ofgem to ensure that the necessary insurance requirements that Offshore Electricity Transmission (OFTO) bidders are required to meet are reflected in the design and content of tender questionnaire criteria and documentation, are robustly evaluated in bidder submissions, and any insurance matters are managed and dealt with appropriately.

The primary responsibility of the supplier will be to advise and assist Ofgem in evaluating the insurance related aspects of bid submissions to ensure that the appropriate bidder can be appointed successfully. This will include advice on the suitability of the bidders' insurance strategies and associated financial and commercial arrangements; and assessment of prevailing insurance market conditions and wider market conditions which may be comparable.

Support with preparatory work in advance of TR12, up to and including the appointment of Preferred Bidder (PB) for the project (with the possibility of some work required for enabling Licence Grant (LG) and Financial Close (FC)) is expected.

The supplier will work collaboratively with financial and technical advisers in the EPQ (Enhanced Pre-Qualification) and ITT (Invitation to Tender) stages. The financial adviser will be fulfilling the role of Lead Evaluator for both the stages, acting as a single point of contact for Ofgem, bringing together all of the evaluation sections/reports into final integrated reports.