Firmus Energy Financial and Regulatory Support

Explore our Firmus Energy case study to see how we provided them essential financial and regulatory support, ensuring compliance with complex VAT regimes and delivering audited statutory accounts with precision and reliability. Discover how Firmus Energy looked to MCC for guidance in navigating the complex financial and regulatory challenges while maintaining transparency and operational efficiency.

What the Client Needed?

Firmus Energy required expert financial support to manage and streamline critical accounting processes, ensuring compliance with both national laws and regulatory requirements. Specifically, the client needed assistance in calculating VAT liabilities and preparing for VAT audits, requiring accurate classification of transactions across different VAT regimes in Great Britain and Ireland. Additionally, Firmus Energy sought a reliable approach to preparing statutory and regulatory accounts for a group of energy companies.

How we Helped them?

Forensic Accounting

MCC was responsible for calculating company VAT liabilities and any associated VAT audits. ​

This involved:​

  • preparing the necessary VAT return based on simple spreadsheet calculations and senior management oversight ​
  • maintaining appropriate records for inspection by internal and external auditors​
  • answering questions on the reliability of the classification of various transactions. ​

    • This required us to consider currency transactions and VAT regimes in both Great Britain and Ireland. ​

    On behalf of a group of energy companies, our director, PJ prepared statutory and regulatory accounts from one source (SAP) financial system. These accounts were subject to external audit and challenge. National law and the company license required the segregations to be made and the results to be published. Our director, PJ led this process and secured internal and external approval of the results.​

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    I was delighted that MCC's work was completed on time, and within budget, helping us deliver important changes and improvements, to the benefit of our stakeholders. ​ MCC's report is published on the CCC website.

    - Bea Natzler
    Team Leader at Climate Change Committee, UK

    I am delighted to recommend MCC Economics. Specifically, I worked closely with PJ, who helped us with our Nuclear and CCUS projects. PJ helped us develop new policies and answer questions from our stakeholders. ​​His support helped us deliver important changes and improvements, to the benefit of our stakeholders.

    - Gordon Hutcheson ​
    Head of Nuclear Policy at Ofgem, UK

    MCC Economics has helped us better understand the most important issues for our stakeholders, including: charges, shareholder returns, debt payments and inflation impacts.

    - Leila N. Nasr
    Section Head at Department of Energy, Abu Dhabi

    I am delighted to recommend PJ and his team at MCC Economics. We've been working together on National Policy Statements to help meet net zero targets for 2030 and 2050. We initially appointed MCC Economics to support us on offshore wind consultation analysis and have recently reappointed MCC Economics to undertake a larger consultation analysis role across all sectors, including hydrogen, CCUS and networks. I can confirm that they have shown excellent spreadsheet skills, alongside very good project management, planning and analysis skills, helping us deliver important changes, and continuous improvements, to the benefit of our stakeholders.

    - Amy McHugh
    Head of Environment in the Energy Infrastructure Planning Policy, UK

    I am delighted to recommend PJ and his team from MCC Economics. They helped us with our price controls for Heathrow airport and for NATS (En Route) plc (the air traffic services provider). Specifically, the MCC team helped us deliver important changes and improvements to our financial models and supporting policy documents, to the benefit of our stakeholders.

    - Dan Rock
    Head of Corporate Finance at CAA, UK

    I am delighted to confirm that I worked with PJ on a retail project in 2015. The project helped stakeholders understand electricity costs and charges. Specifically, the project helped us explain to stakeholders, internally and externally, why electricity charges differed across the regions (GB, NI & Ireland). PJ was a key member on the project team, which helped deliver changes and improvements in the understanding of energy retail.

    - Kevin Shiels
    Director at Utility Regulator, Northern Ireland

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