Cadent Finance PLC Ofgem gas shipper support open letter (6672O)
2020年6月2日 - 5:31PM
RNSを含む英国規制内ニュース (英語)
TIDM46XU TIDMTTM
RNS Number : 6672O
Cadent Finance PLC
02 June 2020
CADENT FINANCE PLC
(LEGAL ENTITY IDENTIFIER: 5493005MBTJ0J6IMUF67)
Ofgem gas shipper support open letter
On 2 June 2020 Ofgem published an open letter (the "Letter")
addressed to the Gas Distribution Networks (including Cadent Gas
Limited ("Cadent"), the parent company of the Issuer) amongst
others.
The Letter is available at:
https://www.ofgem.gov.uk/system/files/docs/2020/06/open_letter_on_relaxing_network_charge_payment_
terms_0.pdf
The Letter sets out what support is available for energy
shippers and suppliers (Cadent's direct customers are shippers) who
are facing cash flow challenges as a result of COVID-19, with the
aim of: (i) ensuring energy consumers are offered the support and
service they need, (ii) minimising disruption for consumers and
other market participants that could arise should companies exit
the energy market in a disorderly way over the next few month;
(iii) mitigating the risk to consumers of a material decline in
competition arising from the potential exit of otherwise efficient
suppliers; (iv) whilst doing so in a way that is financially viable
for Distribution Network companies such as Cadent.
The Letter details a scheme whereby the Gas Distribution
Networks, including Cadent, will offer an extended credit period to
eligible shippers through a modification to the Uniform Network
Code (this being the multi-party regulatory contract between gas
transporters and gas shippers setting the normal commercial terms
applicable to payment of invoices) (the "Scheme").
The Scheme will be sized and available so as not to threaten a
network's ability to comply with its financial covenants and credit
metrics and will be withdrawn by a given network company if at any
time any entity in that network company's group would breach any of
its financial covenants by continuing to provide the scheme. Ofgem
would expect suppliers and shippers to only access the Scheme as a
last resort.
Under the Scheme, eligible shippers will be able to defer up to
75% of their monthly invoice amount in July, August and September
(capped at GBP1m per shipper, per Cadent network) and repayments
will be due in instalments before March 2021. It has been further
agreed that Cadent's total capped amount of liquidity extends to a
maximum of GBP50m. Ofgem propose to treat any interest accrued, net
of the cost of capital, by network companies as revenue under the
price control.
Cadent has engaged with Ofgem on the practical and financial
considerations surrounding the implementation of the Scheme. Cadent
continues to monitor the impact of the Scheme and the impact of
COVID-19 more generally.
For further information, please contact:
Helena Norgate
Ashbrook Court Prologis Park
Central Boulevard
Coventry
CV7 8PE
Email: Helena.norgate@cadentgas.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCVLLBBBQLLBBQ
(END) Dow Jones Newswires
June 02, 2020 04:31 ET (08:31 GMT)
Cadent Fin 28 (LSE:46XU)
過去 株価チャート
から 9 2024 まで 10 2024
Cadent Fin 28 (LSE:46XU)
過去 株価チャート
から 10 2023 まで 10 2024