Amid work towards the UK’s 2050 net zero target and a shifting landscape of expectation and responsibility, experts shed light on some of the prevailing external forces shaping innovation in asset management.
This week sees a flurry of board appointments with CCW welcoming four non-executive directors to its team as well as Yorkshire Water naming a new chair. Steven Steer is stepping down from Ofgem for a role at engineering consultancy Zuhlke
Ofgem has rejected protestations by energy retailer Symbio that a £100,000 penalty for failing to pay into renewables schemes on time was disproportionate. Symbio said the regulator had “failed to make sufficient allowance for the particular challenges posed by Covid" for smaller retailers.
Rachel Fletcher's departure as Ofwat chief executive to join Octopus Energy presents the regulator with a significant challenge at a crucial moment for the water sector. Ruth Williams looks at her legacy and the likely candidates to fill her shoes.
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.
In our latest round up of utility sector appointments Thames Water welcomes a former Ofgem senior partner as non-executive director, while a new post has been created at the UK Export Finance to help energy companies in the north secure finance and insurance.
Ofgem has confirmed that missed renewables obligation (RO) payments will be mutualised for the third consecutive year after a number of suppliers failed to meet the deadlines. The energy regulator recently revealed 33 suppliers failed to meet their total obligations by 31 August for buy-out payments and 1 September for RO certificates. As a result there was a combined shortfall of more than £105 million in buy-out funds.
Ofgem has written to the CMA asking it to consider the impact on other regulated sectors of its stance on the cost of capital in water. Ofgem urged the CMA to ensure its redetermination is not “treated as making broader assessments beyond the present and specific context of PR19”.
Consumer advocate Citizens Advice has calculated that the Competition and Markets Authority’s findings in the appeal of four water companies’ price review could cost households as much as £3.7 billion by setting a "dangerous precedent" for energy networks' price controls.
In our latest review of sector coverage across the national newspapers, Ofwat lashes out at the CMA's generous interim determinations as lacking 'explanation, reasoning or analysis'; three water companies are scrutinised for their offshore accounts; and a report from the London School of Economics states 80,000 jobs could be created in the green recovery.
Consumer watchdogs have welcomed the CMA's increased spending allowances for projects that were important to consumers but warned its overall stance could set a precedent for other regulated companies and add to the pressure on household finances.