The UK Offshore Operators Association commissioned Oxera to estimate the costs and benefits associated with the publication of real-time information on flows of gas into the GB national transmission system. The study considered two variants of information provision—the first being the information that will be provided from July 2005 under Phase 3 of the voluntary information disclosure scheme, with the second being a more disaggregate information set proposed by energywatch in Network Code Modification 727. The study found that more publicly available real-time information is likely to lead to more efficient prices in the wholesale gas market and narrower bid–offer spreads, benefits which were likely to exceed £40m net present value over 15 years. However, the study also suggested there were significant costs—both the direct costs of the infrastructure and development of processes needed to deliver the information, and also possibly significant indirect costs associated with more volatile prices.