Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
Ofgem granted the NSL project a cap-and-floor revenue regime in principle at the Initial Project Assessment stage in March 2015. The licence specified preliminary annual cap and floor levels (in 2015-16 prices) to apply to NGNSL’s 50% share and set out the process for confirming final cap and floor levels at later assessment stages (FPA and PCR). This in-principle award provided regulatory revenue certainty intended to support project financing and investor decisions during development and construction.