CMA

Water UK: ‘Reasonable’ WACC necessary for investment at PR24

Ofwat ‘didn’t have capacity’ to fully scrutinise sector in 20/21

Drawing a line under PR19

The publication of the Competition and Market Authority(CMA)'s water redeterminations justify why a record four companies sought an appeal. With gains made on all sides Utility Week explores what has been won and lost.

CMA narrows gap with Ofwat on cost of capital

The CMA has set the cost of capital for the four water companies that rejected their price review last February. The new figure of 3.2 per cent is closer to Ofwat’s final determinations than the CMA's provisional findings in September.

Final pitches urge CMA to ‘reset the dial’

This week marks one year since the deadline for water companies in England and Wales to accept or reject Ofwat's final determinations for PR19. Ruth Williams delves into the final submissions to the Competition & Markets Authority (CMA) - from the appellant companies and the regulator - and recaps the arguments so far.

CMA pushes back water appeals deadline again

The Competition and Markets Authority has nudged back the estimated date for its PR19 final redeterminations, which are now expected to appear in "late" February. It follows a series of consultations on several areas, including the cost of capital.

Investors express alarm at CMA U-turn

Ofwat rules out 2021 implementation of CMA changes

Ofwat has rejected calls to change its charging rules to let appellant companies implement whatever ruling the CMA determines from April 2021. The updated charges will now not come into place until 2022.

CMA shifts on cost of capital

Has the CMA been handed a chance to compromise?

Ofgem's decision to shift on cost of capital in its final determinations for RIIO2 could be seen to have weakened Ofwat's position in convincing the Competition & Markets Authority to back its original position on returns. Alternatively, it could provide the ideal opportunity for compromise. Ruth Williams looks at the options.

Ofwat asked to reflect CMA appeals in charging rules

Anglian, Bristol and Northumbrian have asked the water regulator to extend the charges deadline for 2021/22 to accommodate changes in the CMA's redetermination, which is due to be published in February

CMA cases informing PR24 approach to engagement

Ofwat accused of ‘populist’ attacks on foreign investors

Yorkshire Water has accused Ofwat of resorting to "populist" tactics, with an "unrestrained attack" on foreign investors in the sector. The company warned that the regulator risks undermining trust in the system and driving away investors. The accusations are included in the latest submission to the PR19 appeals.

CMA confirms extension to water company appeals

CMA considers extending deadline for water appeals