All 19 of its ‘undertaker’ members voted in favour of the proposed budget of £13.7 million, with just one of its six ‘new entrant’ members voting against the motion at a general meeting.
The budget includes £2 million for contingencies relating to the opening of the competitive market for non-domestic water customers in April. MOSL will use the spare funds to deal with any commissioning issues that arise in its first year of the market and to de-risk the opening for stakeholders.
Both the undertaker and new entrant members voted unanimously in favour of revisions to MOSL’s articles of association to align its remit with the provisions set out in the market arrangements code. The board gave a formal commitment to members to hold a consultation on the services they require and to review the company’s target operating model and location requirements in light of the feedback.
“We are grateful to our members for their input to the planning process and for approving the business plan and revised articles. We believe that the necessary measures are now in place for MOSL to become the market operator from April 2017,” said chief executive Ben Jeffs.
“As part of this process, we have restated our commitment to driving efficiencies, keeping costs under review and issuing regular updates to members. Our aim is to deliver the most effective and efficient market as it evolves and provide a lowest total cost over time for our members.”