March 10 (Reuters) - The British competition regulator said on Tuesday that an independent panel had rejected most of the bill increases sought by five water companies, allowing the average customer
UK Competition Regulator Caps Water Bill Hikes at 2.2% for Select Firms
Regulatory Decision on Water Bill Increases
Overview of the CMA Panel's Ruling
March 10 (Reuters) - The British competition regulator said on Tuesday that an independent panel had rejected most of the bill increases sought by five water companies, allowing the average customer bill to rise by 2.2% instead of the larger hike the firms requested.
Details of Revenue Allowance
The Competition and Markets Authority (CMA) panel has allowed the water companies just 463 million pounds ($623.11 million) of the 2.7 billion pounds in extra revenue they had sought, cutting 83% of their funding requests.
Comparison to Previous Decisions
The decision is a revision of the CMA's October decision, which allowed the companies an additional 556 million pounds in revenue, raising customer bills by 3%.
Companies Involved and Appeals
Anglian Water, Northumbrian Water, South East Water, Southern Water, and Wessex Water have appealed the water regulator Ofwat's decision to limit utilities' ability to raise their bills by more than 36% over a five-year period to 2030.
Statement from the Independent Panel
"We've rejected most of the bill increases water companies asked for but allowed limited extra funding where that's genuinely needed, balancing concerns about affordability with the need to secure our water supplies and cut pollution," said Kirstin Baker, chair of the independent group.
Additional Information
($1 = 0.7431 pounds)
(Reporting by Prerna Bedi in Bengaluru; Editing by Rashmi Aich)
