Satisfactory expected commercial return (SECR) is a safeguard for companies in the Maximising Economic Recovery Strategy for the UK (MER UK).

This guidance sets out the approach the OGA will usually take in assessing whether a project achieves a SECR.

The OGA is aware companies use a wide range of metrics and inputs in assessing their returns, not all of which are included in the guidance. The OGA will assess SECR only for the purposes of and as set out in the Strategy, and has no intention of expanding the application of SECR.

Where the SECR safeguard is applied, the OGA aims to take a pragmatic approach, including having discussions with the companies involved, to understand the project.

In addition to the safeguards included in the Strategy, there are likely to be earlier opportunities to resolve any potential MER UK differences.  

The SECR guidance can be found here.

The OGA's response to the consultation on assessing SECR can be found here.