Section one: Contracting authority/entity
one.1) Name and addresses
Department for Energy Security and Net Zero
3-8 Whitehall Place
London
SW1A 2BD
butch.vraniqi@energysecurity.gov.uk
Country
United Kingdom
Region code
UK - United Kingdom
Internet address(es)
Main address
https://www.gov.uk/government/organisations/department-for-energy-security-and-net-zero
Section two: Object
two.1) Scope of the procurement
two.1.1) Title
Financial Advisory Services for Sizewell C
two.1.2) Main CPV code
- 66171000 - Financial consultancy services
two.1.3) Type of contract
Services
two.2) Description
two.2.3) Place of performance
NUTS codes
- UK - United Kingdom
two.2.4) Description of the procurement at the time of conclusion of the contract:
The scope of the contract is for the provision of financial advisory services to assess, input, and challenge the design, management and execution of the SZC capital structure and capital raise process; and to provide advice in relation to key judgements and decisions that will be required from HMG in order for it to execute its policy objectives and make sound investment decisions that represent Value for Money for the taxpayer.
two.2.7) Duration of the contract, framework agreement, dynamic purchasing system or concession
Start date
11 May 2022
End date
10 December 2025
two.2.13) Information about European Union Funds
The procurement is related to a project and/or programme financed by European Union funds: No
Section four. Procedure
four.2) Administrative information
four.2.1) Contract award notice concerning this contract
Notice number: 2025/S 000-028653
Section five. Award of contract/concession
Contract No
Modification 2
Title
Financial Advisory Services for Sizewell C
five.2) Award of contract/concession
five.2.1) Date of conclusion of the contract/concession award decision:
11 May 2022
five.2.2) Information about tenders
The contract/concession has been awarded to a group of economic operators: No
five.2.3) Name and address of the contractor/concessionaire
Barclays Bank Plc
1 Churchill Place
London
E14 5HP
Country
United Kingdom
NUTS code
- UK - United Kingdom
The contractor/concessionaire is an SME
No
five.2.4) Information on value of the contract/lot/concession (at the time of conclusion of the contract;excluding VAT)
Total value of the procurement: £5,000,000
Section six. Complementary information
six.4) Procedures for review
six.4.1) Review body
N/A
N/A
Country
United Kingdom
Section seven: Modifications to the contract/concession
seven.1) Description of the procurement after the modifications
seven.1.1) Main CPV code
- 66171000 - Financial consultancy services
seven.1.3) Place of performance
NUTS code
- UK - United Kingdom
seven.1.4) Description of the procurement:
This is a modification to an existing contract between the Department for Energy Security and Net Zero and Barclays Bank Plc.
The scope of the contract is for the provision of financial advisory services to assess, input, and challenge the design, management and execution of the SZC capital structure and capital raise process; and to provide advice in relation to key judgements and decisions that will be required from HMG in order for it to execute its policy objectives and make sound investment decisions that represent Value for Money for the taxpayer.
Additional services have become necessary due to extended project timelines. The supplier's services are essential to the completion of the capital raise process and progression of the Sizewell C programme.
The variation is composed of a 7-month extension in time and a 30% extension in value under Regulation 72 (1) (b) and 72 (2) of the Public Contracts Regulations 2015.
Original award value: £5,000,000 (excl. VAT). 11/05/2022-10/05/2024 (+ an optional 12-month extension)
Modification one: £2,500,000 (excl. VAT) + 12-month extension. 11/05/2022-10/05/2025. Modified contract value: £7,500,000.
Modification two: £1,500,000 (excl. VAT) + 7-month extension. 11/05/2022-10/12/2025. Modified contract value: £9,000,000.
**Please note that this notice was originally published on 30/05/2025 (Notice identifier: 2025/S 000-028653). However, there was an error in the field titled 'Total contract value after the modifications', which mistakenly suggested that the total contract value post-modification was £900,000. This notice will correct that to £9,000,000.00.**
seven.1.5) Duration of the contract, framework agreement, dynamic purchasing system or concession
Start date
11 May 2022
End date
10 December 2025
In the case of framework agreements, provide justification for any duration exceeding 4 years:
N/A
seven.1.6) Information on value of the contract/lot/concession (excluding VAT)
Total value of the contract/lot/concession:
£9,000,000
seven.1.7) Name and address of the contractor/concessionaire
Barclays Bank Plc
1 Churchill Place
London
E14 5HP
Country
United Kingdom
NUTS code
- UK - United Kingdom
The contractor/concessionaire is an SME
No
seven.2) Information about modifications
seven.2.1) Description of the modifications
Nature and extent of the modifications (with indication of possible earlier changes to the contract):
Original award value (11/05/2022): £5,000,000 (excl. VAT). End date: 10/05/2024 (+ optional 12-month extension).
Modification one (16/10/2023): £2,500,000 (excl. VAT) + 12-month extension. New end date: 10/05/2025. Modified contract value: £7,500,000. DESNZ amended the contract to increase the scope of Barclays' work and responsibilities in relation to the capital raise process. The variation included a 50% cost increase of £2,500,000 and time extension of 12 months to 10/05/2025.
Modification two (07/05/2025): £1,500,000 (excl. VAT) + 7-month extension. New end date: 10/12/2025. Modified contract value: £9,000,000. The scope of the contract has been amended to include the activities required towards the completion of the capital raise process. DESNZ have modified the contract as above as a result of extended project timelines.
seven.2.2) Reasons for modification
Need for additional works, services or supplies by the original contractor/concessionaire.
Description of the economic or technical reasons and the inconvenience or duplication of cost preventing a change of contractor:
Additional services are required towards the completion of the SZC capital raise process due to extended project timeframes. Any change in contractor would cause significant inconvenience and substantial duplication of costs because the incumbent is uniquely placed to advise HMG and the project is at a critical stage close to completion.
seven.2.3) Increase in price
Updated total contract value before the modifications (taking into account possible earlier contract modifications, price adaptions and average inflation)
Value excluding VAT: £7,500,000
Total contract value after the modifications
Value excluding VAT: £9,000,000