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CMA Approves Limited £463 Million Revenue Increase for Five UK Water Firms
The Competition and Markets Authority limited five UK water firms to a £463 million revenue increase, causing an average 2.2% bill rise on top of a prior 24% increase.
- On Tuesday the CMA said the five water firms can raise an extra £463 million, allowing a 2.2% bill increase on top of a 24% hike granted by Ofwat.
- After Ofwat's initial limits, the five water companies appealed to the CMA, citing inability to meet requirements and a provisional October grant of 556 million, equating to a 3% bill rise.
- Explaining the decision, the CMA-appointed chair added that most bill increases were rejected but limited extra funding was allowed, reflecting market movements since Ofwat's decision.
16 Articles
16 Articles
Evening Standard
Five water firms to hike customer bills by less than they wanted after ruling
Anglian Water, Northumbrian Water, South East Water, Southern Water and Wessex Water will be allowed an average increase of 2.2% in customer bills.
UK competition regulator curbs water bill hikes to 2.2% for some firms
The British competition regulator said on Tuesday that an independent panel had rejected most of the bill increases sought by five water companies, allowing the average customer bill to rise by 2.2% instead of the larger hike the firms requested.
Water bills to rise AGAIN for millions as regulator allows £463million increase for five suppliers
Water bills are set to rise again for millions of households after the UK competition watchdog approved hundreds of millions of pounds in additional funding for five major suppliers
Daily Express
PressNewsAgencyFive UK water firms to hike bills by less than wanted after CMA ruling
The regulator has decided that additional funding was required to support the companies' investments, but that the bulk of their funding requests had been turned down.
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