Update on our position regarding alternative credit rating arrangements for offshore transmission owners (“OFTOs”)
Correspondence and other
Publication date
Industry sector
Offshore Transmission Network
OFTOs are appointed by a competition process run by Ofgem. On 13 October 2010 we published an open letter regarding alternative credit rating arrangements for OFTOs.
In the letter we outlined that certain alternatives may suit the circumstances of smaller companies while protecting the interests of consumers. We also proposed three indicative alternative arrangements that we considered appropriate for OFTOs at the time.
Since the publication of the letter standard condition E11 ‘Credit Rating of Licensee’ has changed. This letter updates our position on alternative credit rating arrangements in order to be consistent with the current drafting of standard condition E11 and consent we have given to offshore transmission owners to date.