Audit 9. Allocation Notification Submit Sealed bids if requested Round Variation / Budget Revision Notices Value qualified applicants Request sealed bids if required Allocation & Independent Audit 6 Applicant Options in a Bid Window
Submit Sealed Bids Withdraw Sealed Bids Withdraw Application Defaults to single bid as per original application if none submitted Note: Potential NDD policy impacts Ability to submit new sealed bids Default as above Note: Impact on Eligibility for Renewables Obligation 7 1. PreApplication Activities 2. Application
Signature Allocation Reports Review CfD Notification Appeals Register Issue Contract s CfD Register 8 Expected Key Dates Process Step Date DB Notice to SOS SOS Budget Review Auction Notice
Sealed Bid Submission 20-Jan 21-27 Jan 28-Jan 29 Jan - 4 Feb Allocation SOS review CFD Notification LCCC prepare Contracts 5-20 Feb 23 & 24 Feb 26 Feb 27 Feb - 12 Mar Contract Signature 13-27 Mar National Grid Contact Details ' Phone: 01926 655300 (calls recorded on this number)
* Email: [email protected] website: www.emrdeliverybody.com 10 Contracts for Difference Allocation Rules Yasharn Smith EMR Delivery Manager CfD Competitive Allocation Principles Used to identify Successful applicants and Strike Prices Years can close independently Allocation in ascending price order (across years) Minimum allocated first Sealed bid process
(includes bidder flexibility) Each delivery year has a separate clearing price Triggered by breach of Budget 12 When is an Auction Required Illustration only AUCTION REQUIRED NO AUCTION REQUIRED 13 Budget Notice m 11/12 prices 15/16
Pot 2 (less established) 0 155 235 235 235 235 Pot 3 (biomass) 0 0 0 0 0
0 Total 50 220 300 300 300 300 Maximum amounts consumers would be expected to fund in each year Conversion factor to translate budget to 2012 prices : 1.0195 CfD Allocation General Principles Budget Rule
Pot /Budget (Cannot Be Exceeded Except for Pending Projects) Only competitive where binding constraint (E.g. MIN capacity/Pot Budget) Constraint Across Years Bids/ Prices Pay as Cleared All projects in same Pot will compete on strike price basis, regardless of delivery year. Years can close independently Projects will be awarded in order of lowest to highest strike price Sealed bid process (includes bidder flexibility) Clearing Price set by most expensive successful project in each year (subject to cap at the Technology Admin Strike price). Project
SP Bid Del Yr MW A2 115 16/17 43 K1 113 18/19 700 G3
63 B7 85 15/16 50 Bids are assessed in order of strike price bid (cheapest first) . If they fit the budget profile after clearing consideration, they are accepted. Close Year A2 K1 Close Year Tiebreak with A1 & C1 G3
C2 Strike Price Bids Flexible Bids- Increasing Price CfD Allocation Flexible Bids A1 Next cheapest bid is for same project Budget would be exceeded in 16/17
Same Commissioning Year Flexibility B7 If a bid is successful, remove from stack all other bids relating to same project 15/16 C1 Reject all other bids for 16/17 Close Year D6 D1 A1 uses budget best in final year
H4 B2 E1 16/17 F2 17/18 18/19 CfD Allocations Tiebreaker Rules Tie-breaker rules applies where 2 or more projects with the same strike price bid, both cannot be awarded a CfD without exceeding budget limits
Confirm projects with same S.P would exceed budget Assess all combination of tied projects which exceeds budget Consider other flex bids for unsuccessful projects Remove other flex bids for successful projects Choose combination of projects which best uses budget For further ties Random number
generator is to be used Contracts for Difference Sealed Bids Giampaolo Panizio EMR CfD - Commercial Analyst Sealed Bids Relevant Material Sealed Bid Submission User Guide is available on the Delivery Body Portal https:// www.emrdeliverybody.com/Pa ges/AnnouncementDescriptio n.aspx?CID=98 Sealed Bids Submission Rules General
Bids must be in 2012 prices (/MWh) Withdraw & resubmit bids during submission window No bids accepted after window closes Relevant ASP is used if no bids are submitted Detail Submit combination of different bid price, capacity, TCW, & TCD
No bids above the ASP Max 10 Bids per project No more than 3 bids for the same Delivery Year (DY) No two bids can have the same price Must be same DY or later than original application Must be same capacity or less than original application
TCD must fall within the TCW Lowest price in each DY expressed to nearest whole pence (e.g. 100.01) All other bids (except for lowest in each DY) expressed to nearest 0.1 pence (i.e. 100.011) Only 1 Sealed Bid can have the same first DY and capacity as original application For AD, Hydro, Onshore, Solar projects the bid capacity must be > 5 MW Phased Projects Specific Rules Detail
Must include a single Strike Price to apply to all phases The total capacity of all phases must be no greater than 1500 MW The first phase must represent at least 25% of the total capacity of the CFD Unit after all phases are completed The first phase is targeted to complete by a date no later than 31st March 2019 The target commissioning date of the last phase is no later than 2 years after the date referred above Sealed Bids Form Demo Original Applications Information:
Single Phased Project Technology: Onshore Wind Applicant name: Panizio Ltd Application ID: CFD-PNZO-01-01 Name of CFD Unit: Eolo Farm TCD: 15 July 2016 DY: 2016/2017 TCW start Date: 1 January 2016 TCW end Date: 31 December 2016 Capacity: 80.00 MW ASP: 95 per MWh Sealed Bids Submission Guidance Guidance Notes Excel Macros must be enabled Do NOT manually hide or unhide rows Do NOT copy and paste data into cells Do NOT copy and paste the form in another excel file Do NOT rename the sealed bids form Validate Sealed Bids and save the form Contracts for Difference
Applicant Processes Yasharn Smith EMR Delivery Manager Sealed Bids Submission process Auction Notice Published Pre-populated Sealed Bid Forms (Sent on - 16/12/14) Applicants Fill in Sealed Bid Forms Applicants Validate Form Send form to DB Withdraw Application/ Sealed Bids &
Resubmit DB Uses Bids to Run Auction Auction Notice Notice of Auction will be sent from the DB to: Inform qualified applicants that the value/capacity (min) of a pot(s) has been exceeded and therefore a competitive allocation is required for that pot; Inform applicants of the dates for opening and closing sealed bids submission window Provide links to: to guidance on how to submit and fill a sealed bids form Sealed Bids withdrawal form Application withdrawal form Application/ Sealed Bids Withdrawal Applicants participating in an auction may Withdraw applications during the submission window; Withdraw and re-submit sealed bids during the submission window. The CfD sealed bids withdrawal form and the CfD application withdrawal form will be made available on the EMR DB Portal when an auction commences
The DB has contingency processes in place to manage these processes and will communicate to applicants if required Submission through Egress Applicants must send filled in (validated) sealed bids form/withdrawal forms to the Delivery Body through Egress Switch: https://secureform.egress.com/emr/ Applicant contact details required here DB will not accept Sealed Bid forms from unregistered person Submission through Egress Applicants must not change the file name of the pre-populated Sealed Bid form sent from the DB Upload file to be sent here 1. 2. 3.
4. Select CFD Sealed Bids on the [Type of Submission] drop down box; Click on the Add Files button; A file dialog box will appear which enables Users to select their files, upload Validated Sealed B Enter an alternative email address if required for copies of submission to be shared Preparing for Contract Signing and Next Steps Nic Rigby Low Carbon Contracts Company IC Event
21 January 2015 Agenda Introduction Notification to Contract Signing Initial Conditions Precedent and Beyond 31 31 Disclaimer Parties should rely upon the drafting of the relevant CFD Agreement and FiT CFD Standard Terms and Conditions in relation to the contract they enter into, not these slides Parties are recommended to obtain their own Legal advice. Once Allocation Results are announced Low Carbon Contracts Company will not be available for any discussions on contract interpretation. 32 32
Contract Management Tasks Pre-Application Considering requests for minor and necessary amendments to generic CFDs before the potential applicant decides to apply for a CFD From Allocation to Start Date Execution: 1. preparation of CFD and arranging execution 2. satisfaction of Initial Conditions Precedent Milestone Satisfaction: Substantial Financial Commitment by Milestone Delivery Date. Start Date: satisfaction of Further Conditions Precedent and certification of Start Date. Todays Agenda Post Start Date (when payment flows commence) Payment and settlement Reference Price review and Strike Price indexation Audit of metering and reporting Fuel monitoring and sampling compliance 33 33
What Does Success Look Like 1) Win the offer of a CfD Contract in the auction 2) If you get past 1 then you must 3) Sign a Contract by 27 March 4) Meet Initial Conditions Precedent within 10 Business Days of signing the CfD Contract 34 Agenda Introduction Notification to Contract Signing Initial Conditions Precedent and Beyond 35 35 The Contracts for Difference (Standard Terms) Regulations 2014 Offer to contract 10.(1) An offer of a CFD is made by the CFD counterparty signing two copies of a CFD completed in accordance with regulation 9(3) and sending both copies to the eligible generator. (2) The CFD counterparty must make an offer of a CFD within 10 working days of receiving a CFD notification. (3) The eligible generator, to whom the offer of a CFD is made, enters into a CFD where
(a) the eligible generator signs both copies of a CFD and returns one copy to the CFD counterparty; and (b) the CFD counterparty gives the eligible generator a notice stating that the CFD counterparty has received a copy of the CFD from the eligible generator which has been signed by both contracting parties. (4) The CFD counterparty must give the notice under paragraph (3)(b) as soon as reasonably practicable after the CFD counterparty receives a signed copy of a CFD from an eligible generator. (5) Where a CFD is entered into, the CFD counterparty must inform the delivery body as soon as reasonably practicable. Failure to accept an offer 11.(1) Where the CFD counterparty does not receive a signed copy of a CFD from an eligible generator within 10 working days of the offer being made, the offer lapses. (2) Where an offer lapses, the CFD counterparty must, as soon as is reasonably practicable, give the eligible generator and the delivery body a notice which states that the offer has lapsed. 36 36 End of Auction to Contract Signing Action by N Grid LCCC (Your allocated Contract Manager) LCCC LCCC/
Applicants Applicant Process Provide Low Carbon Contracts Company (LCCC) with list of successful Applicants Send data ex N Grid and draft contract to Applicants for checking Timing 26 February Send 2 copies of Signed Contract to Applicants Signing day(s) Within 10 Working Days (Regs) Week beginning 23 March Return 1 signed copy of Contract to LCCC Within 10 Working Days
(Regs) Working Day (Regs) = Weekdays Bank Holidays in any part of the UK 37 37 In practice Getting your contract signed All parties allocated a CFD will get a dedicated Contract Manager Each Contract Manager covers all the projects that are operated by a Company or Group. Contract Managers already allocated to Investment Contract Generators. Contract mangers appointed as soon as we receive Auction results Nic Rigby 38 Arezou Farhadi
James Krzyszkowski Puk LykkeMoller Stephanie Houston 38 In practice first 10 working days 39 Low Carbon Contracts Company will write and set out exactly what you must do and by when in a Key Dates Letter Contract Managers appointed The LCCC have very limited time to check information provided by the
generator in application to delivery body We can only change information that was not used as part of decision making process in allocation We will be able to change a postcode but not MW If we do not get a very rapid reply to any requests for confirmation of data - LCCC will have no choice but to send agreement with the information that we hold Please note allocation is not public knowledge at this point! 39 How the process works in more detail 40 Working Days (Regs) Counter Typical date Time
Obligation Action 0 Thur 26 Feb Before 5pm Process initiated N Grid provide data to Low Carbon Contracts Company 10, and initiates new counter Thur 12 Mar
Before 5pm Last date for Low Carbon Contracts Company to send out 2 signed copies of contract LCCC will e mail scanned copies via Egress and post paper copies. 10 Fri 27 Mar 5pm 1 copy of Contract must arrive at Fleetbank House Scanned via Egress e mail and/or deliver paper copies. 40
What you will receive The CFD agreement + The Conditions applicable to the CFD Agreement between the Parties are the terms and conditions set out in version 1 of the document published by the Department of Energy & Climate Change entitled FiT Contract for Difference Standard Terms and Conditions as at 29 August 2014 (as amended, modified, supplemented or replaced by the CfD Agreement and as may be amended, modified, supplemented or replaced from time to time in accordance with the Conditions). For the purposes of confirmation of this and identification, the Parties have signed this covering page to the Conditions. Signature required at - end of contract text, and - on this page to confirm 29 August version of Standard Terms and Conditions, 41 41
In practice follow up The LCCC must notify generators of receipt of countersigned agreement LCCC must inform the delivery body of CFDs entered into LCCC will notify both generator and delivery body of any lapsed offers Parties that allow to lapse or terminate are subject to Non Delivery Disincentive 42 For 13 Months no re-applications allowed
42 Agenda Introduction Notification to Contract Signing Initial Conditions Precedent and Beyond 43 43 Initial Conditions Precedent Meet Initial Conditions Precedent (Schedule 1) within 10 Business Days Legal opinion that Duly formed & power to enter contract Standard letter available on our web site Identification Know your customer checks Provide map of facility 44 44
Extreme Compass Co-ordinates Extreme co-ordinates WGS84 Latitude Longitude Northerly 53.385943 -3.421383 Easterly 53.359055 -3.414001 Southerly 53.350056 -3.421000 Westerly 53.385000 -3.431000 45 Map Requirements To scale and scale provided Four extreme compass co-ordinates must be shown in WGS84 format All boundaries must be shown All mayor parts of the facility (eg sub station, turbine locations must be shown, fuel storage) 46 Contract Management Approach
Each Company who wins a Contract has a dedicated Contract Manager Diverse experience of Contract Management and Industry experience Once allocation round results are announced Low Carbon Contracts Company will not be available for any discussions on contract interpretation. Trade Associations have lists of Legal Advisers Post Initial Conditions Precedent Low Carbon Contracts will provide Q & A (signposts) on Contract questions But will not provide Contract explanation Applicants need to access legal advice 47 47 Early preparation 1. Check Egress works for all key parties Send e mail to [email protected] and we will reply
via Egress. 2. If e mails re CfD Contract need to go to different or additional parties then please inform Low Carbon Contracts Company On Allocation Day when you receive Key Dates Letter including Invitation to Signing Ceremony. 3. Decide if you want to attend Signing Ceremony. 48 Fleetbank House 49 E mail [email protected] ontracts.uk to let us know when you intend to
deliver or with any queries. Please use Egress for all confidential e mails re Contracts Question and Answer document can be found at www.lowcarboncontracts.uk Visit our web site or contact the team for more information 49 Closing Remarks Low Carbon Contracts focus will be on getting everyone from offer of CfD to post Initial Conditions Precedent. Private law contract as offered on 29 August 2014 All parties expect to be treated equally Stretching the requirement cant be done equitably So no allowances can be made Check your ability to meet Contract commitments, including
Milestone Requirement. Be aware of impact of not signing, Non Delivery Disincentive. 50 50 Contracts for Difference Closing Remarks and Questions John Perkins CfD Manager National Grid Contact Details ' Phone: 01926 655300 (calls recorded on this number) * Email: [email protected] website: www.emrdeliverybody.com 52
Rx in the field: occlusive dressing. Proper Rx: wound closure+ tube thoracostomy Flail chest ≤ 2 ribs fractures in at least 2 locations. Pulmonary contusion with or without ribs fractures may compromise oxygenation, ventilation. The area between the fractures move...
A big thank you to Nedbank's partner Bidvest, for donating over a cube of manure towards our sustainable food garden. We would also like to thank Darren Lotter for providing financial aid and his green expertise in assembling our veggie...
NON-OBJECTIVE ART. Imitationalism—the realistic presentation of subject matter or the literal qualities Formalism—design qualities or the way an art is organized (elements & principles of art) Emotionalism—ability to communicate an emotion or idea to the viewer. (mood, feelings, ideas)
Run Phone Bank Wizard. Enable Advocates. Email Advocates. Go to Search>List Manager. Select you list of volunteers. Click the lightening bolt icon, and click the icon for Individuals. Enable Advocates. Click the link on the right "Enable as Advocate(s)
Presented by Dr. Joan Burtner Slide * March 2011 Examples from Statistics Texts Rosner (Biomedical) Daniel (Biomedical) Walpole, Myers, Myers, and Ye (Engineering) Montgomery (Engineering) Montgomery and Runger (Engineering) Campbell, M. , Machin, D, and Walters, S. (Medical) Berenson and...
It is the recall of general facts and is knowledge based.Facts remembered here are not related to personal or emotional experiences.Mnemonics are a memory aid to help you remember common facts or knowledge.Mnemonics are useful when remembering facts in a...
Themes of Biology Definition of Biology Biology is the study of life, or all living things. An individual living thing is referred to as an organism. There are 6 main themes of biology. 1. Cell Structure and Function The cell...
Ready to download the document? Go ahead and hit continue!