Welcome. Stephanie McGregor Director, Offshore Transmission
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1 Welcome Stephanie McGregor Director, Offshore Transmission Workshop on energy law: development of a European transmission grid integrating renewable energies Martin Crouch Director, Offshore Transmission, Ofgem Berlin, 22 January 2013
2 GB electricity transmission regime as an example Onshore Transmission RIIO: c. 22 billion allocated to upgrade and renew Britain s gas and electricity networks 3 Transmission Owners 8- year price controls with greater innovaeon Offshore Transmission CompeEEve ownership of transmission assets offshore MulEple Offshore Transmission Owners (OFTOs) Interconnec1on 4 exiseng interconnectors: to France, Netherlands, Ireland and Northern Ireland Developing contestable regulated regime Accommodates differences at the other end Image source: National Grid
3 Regulating transmission Aims Development of economic and efficient network Value for money for present and future consumers Ø outputs, innova1on and incen1ves Components of infrastructure applied to electricity transmission: Design Build Finance Operate System design Asset design Procure Need for Project manage Scope for compeeeon? coordinaeon Debt and equity Availability System operaeon 3
4 Aims of offshore tender regime Genera1on Enable offshore wind developments through a regime that: Meets generator s requirements for Emely grid conneceons Provides flexibility for future offshore generaeon needs Reduces generator overall transmission cost and capital need per MW Transmission Enable new parecipants to compete and bring innovaeon to this market Realise value for money for consumers Ensure fit for purpose assets are delivered on Eme Provide regulatory certainty Tender process that is rigorous, and maintains compeeeve tension Use or replicate exiseng licensing and industry governance wherever possible to maintain certainty for investors and consumers 3
5 What is an OFTO? Onshore TO Offshore Transmission Owner (OFTO) Generator Connection to onshore network Onshore Substation Offshore Platform 132 kv Cable 33 kv Inter Array Cables
6 Effective tendering of transmission assets Tender Round 1 (9 projects) o Investment appeete: 4 billion for 1.1 billion of assets in TR1 o Investment to date: c. 470 million (including Walney 2 September 2012) Tender Round 2 (4 projects) o 1.4billion of assets being tendered Future tenders o Up to 23 poteneal projects o PotenEal investment of up to 15 billion* o Incorporates Crown Estate Round 3 projects o Next round of tenders expected mid to late 2013 o MulEple OFTO opportuniees for many wind farm projects *up to 8bn by 2020
7 Offshore Transmission: competitive regime design Two op1ons for building transmission links Op1on 1: Generator Build - CompeEEon for Finance, Insurance, O&M Op1on 2: OFTO Build - CompeEEon for Asset design, ConstrucEon (Procurement and Project management), Finance, Insurance and O&M Revised tender regulaeons in early 2013 OFTO build model: start of tender OFTO build model: licence grant Generator build model: start of tender Generator build model: licence grant Connection offer Environmental impact assessment and consent planning Consent application Procurement Manufacture Construction Commissioning Connection offer Pre-construction (Including high level design) Procurement Construction Operation & Maintenance 12
8 Attracting new forms of investment TradiEonal funding source for onshore networks has been corporate rather than project specific This meant that investment, whilst effeceve, was also relaevely narrow The Offshore regime was designed to open up the market to a full range of funding sources Commercial lenders, European Investment Bank, pension funds and capital markets have all shown interest The regime has successfully: Created a new investment class and internaeonal interest Acracted varied funding sources, including infrastructure funds, asset builders, strategic players Enabled recycling of capital into future wind farm projects (c. 470m to date but expected to grow rapidly to over 1 billion within the next 12 months)
9 Further developments The Offshore Transmission Regime is well established We are looking at evolueonary changes to the regime - learning from past experiences - meeeng future challenges including coordinaeon The regime will conenue to: - provide value for money for consumers - be acraceve to investors Integrated transmission planning and regulation Joining up onshore, offshore and cross- border regulaeon Ensure delivery of economic and efficient overall network Further consultaeon this Spring
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