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Investors have rallied in response to the Competition and Markets Authority (CMA)’s revised approach to the cost of capital in the PR19 appeals. Infrastructure investment groups warned of long-term repercussions of the CMA’s change of tack, with one suggesting it brought the water sector “perilously close to the edge” of not being attractive to investors. Meanwhile, Ofwat warned the CMA that arguments are “likely to have been from investors that seek to protect their existing valuations” rather than concern for future investment.
News
The first round of Ofwat's innovation competition kicks off today with the Innovation in Water Challenge, inviting ideas and pitches from within and outside the water sector with a chance to win up £250,000 of development funds.
News
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.
News
The CMA has updated its approach to the cost of debt and the cost of equity for the four water company appeals to PR19 business plans. The body has launched a consultation to its revised approaches that will inform the final redetermination in mid-February.
News
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.
Comment
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
News
Changes to per capita consumption (PCC) and the cost of debt have been assessed to be the most significant Covid-19 impact on the water sector, based on data from April – July 2020. In a report jointly commissioned by Water UK and Ofwat, Atkins and Frontier Economics estimated the cost of Covid-19 during AMP7 to have an impact between -0.35 per cent to -0.97 per cent as the measured change in the return on regulatory equity (RORE).
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With Ofwat's innovation competition set to launch next month the regulator has given further detail on how intellectual property will be treated, how many entries can be submitted, and more.
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Ofwat has launched a consultation on the best ways to use evidence from customer engagement and research in future price reviews after criticism that consumer views had been overlooked at PR19
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With the water sector less than a year into enacting PR19 business plans, Ofwat has reached out to stakeholders for input on the framework for the next price review. It asks what the sector should look like by 2040 and how to get there considering climate change, investment, affordability and resilience.
News
Following a consultation the EA will update guidelines for water resources management planning from 2024 to reflect changes in usage patterns because of coronavirus as well as requesting more evidence of environmental improvements
News
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