UNITED UTILITIES GROUP PLC: United Utilities responds to Ofwat's Licence Proposals
UNITED UTILITIES GROUP PLC: United Utilities responds to Ofwat's Licence Proposals United Utilities Group PLC
23 November 2012
UNITED UTILITIES RESPONDS TO OFWAT'S LICENCE PROPOSALS
United Utilities Group PLC today announces that, after careful consideration, the Board of United Utilities Water PLC (UUW) has concluded that it is unable to accept Ofwat's `Section 13' licence modification proposals because it believes that, in their current form, they are not in the best interests of customers, investors and wider stakeholders. To aid further constructive dialogue, UUW has submitted alternative proposals to Ofwat for its consideration.
UUW's principal concern is that the extent of flexibility in Ofwat's current licence proposals would create unnecessary and prolonged uncertainty for investors, with the potential for this uncertainty to impact customer bills.
UUW is committed to continued positive engagement with Ofwat to support the progressive evolution of regulation in the water industry. The company's proposals include the licence changes necessary to facilitate the forthcoming price review in 2014 and the development of retail competition for business customers. UUW also recognises that additional licence amendments may be required to accommodate specific changes to the regulatory regime in preparation for 2020 and beyond and will actively engage in helping to ensure that the benefits of such developments are fully evaluated and understood.
United Utilities contacts:
Gaynor Kenyon, Corporate Affairs Director +44 (0) 7753 622282
Darren Jameson, Head of Investor Relations +44 (0) 1925 237033
Ed Orlebar / Michelle Clarke, Tulchan Communications +44 (0) 20 7353 4200
-0- Nov/23/2012 11:14 GMT