1.14 Over the course of a 20 year deal of this magnitude and complexity, change is inevitable. At the early stages of the project it is important that EP assesses whether the risks identified during the sale process have materialised or not, whether any changes alter the project's risk profile and whether this compromises the deal's value for money. EP will also need to review its risk management plan and ensure updated procedures can address changes in future circumstances.9 Even though the deal has been running for four years, change has already been encountered on several fronts and the risks have generally been well managed by EP and MDL as is demonstrated in the following paragraphs.
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9 Considerations for the general management of risk at the early operational stage of a project are outlined in the NAO's Framework for Evaluating the Implementation of Private Finance Projects: Volume 2 (Report by the National Audit Office, 15 May 2006).