Financial Other

On 30 July 2024, Ofgem published its determination of the first End of Period Assessment (EPA) for Nemo Link Limited’s electricity interconnector between Great Britain and Belgium. Under Ofgem’s cap and floor regime, interconnector revenues are periodically assessed over a 25‑year term in five‑year periods to determine whether adjustments are required. This report sets out Ofgem’s determination of the End of Period Cap and Floor Revenue Adjustment term for Nemo Link for the first Relevant Assessment Period, running from 31 January 2019 to 31 December 2023. The mechanism compares Nemo Link’s cumulative revenues against the cumulative cap and floor; if revenues fall below the floor, top‑up payments are made to the licensee, while any revenues above the cap are returned to consumers. Because Nemo Link is jointly regulated by Ofgem and the Belgian regulator CREG, the resulting revenue adjustment is shared equally between Great Britain and Belgian consumers. The publication also provides commentary on Nemo Link’s operational performance and reflects on estimates and values established at the project’s post‑construction review.