Gwynt y Mor OFTO plc – determination under paragraph 23 of Amended Standard Condition E12-J3 (Stage 2)
Summary
Ofgem determined an Income Adjusting Event (IAE) claim from Gwynt y Mor OFTO plc following notices submitted in June 2022 and March 2023. The determination addresses cost adjustments for the offshore transmission operator under its regulated revenue framework. This is a routine regulatory process for managing unexpected costs within the OFTO price control.
Why it matters
Routine cost pass-through mechanism that maintains OFTO investment incentives by socialising unforeseen operational costs to consumers. The determination preserves the regulated utility model where operators face limited downside risk.
Key facts
- •IAE notices submitted 24 June 2022 and 16 March 2023
- •Final determination published 22 March 2024
- •Relates to Gwynt y Mor offshore transmission assets
Timeline
Areas affected
Related programmes
Memo
Gwynt y Mor OFTO plc – determination under paragraph 23 of Amended Standard Condition E12-J3 (Stage 2) | Ofgem Please enable JavaScript in your web browser to get the best experience. BETA This site is currently in BETA. Help us improve by giving us your feedback . Close alert: Gwynt y Mor OFTO plc – determination under paragraph 23 of Amended Standard Condition E12-J3 (Stage 2) Publication type: Decision Publication date: 22 March 2024 Topic: Offshore electricity transmission Print this page Related links Publication of notice of an Income Adjusting Event from Gwynt y Môr OFTO Limited (November 2022) Publication of notice of an Income Adjusting Event from Gwynt y Môr OFTO Limited (April 2023) Share the page Share on Facebook Share on Twitter Share on LinkedIn On 24 June 2022 and 16 March 2023, the Authority received a notice from Gwynt y Mor OFTO plc in respect of an event which Gwynt y Mor OFTO plc considers to be an income adjusting event (IAE). The Authority sets out its determination in this letter. Main document Gwynt Y Mor income adjusting event - final determination March 2024 [PDF, 304.95KB] Print this page Related links Publication of notice of an Income Adjusting Event from Gwynt y Môr OFTO Limited (November 2022) Publication of notice of an Income Adjusting Event from Gwynt y Môr OFTO Limited (April 2023) Share the page Share on Facebook Share on Twitter Share on LinkedIn Close