Yorkshire Water receive CMA provisional findingsWed 30th September 2020
Yorkshire Water has received the provisional findings from the Competition and Markets Authority following the referral by Ofwat of its final determination published last December.
These findings are a comprehensive review by the CMA of Ofwat’s final determination and extend to over 700 pages in total. Yorkshire Water has commenced a thorough review of the provisional findings and will respond to the CMA within the four-week deadline.
Commenting on the CMA’s provisional determinations, Yorkshire Water CEO Liz Barber said: “Our challenge was about protecting the long-term resilience of Yorkshire and ensuring that the cost of vital infrastructure investment was not pushed on to future generations. We wanted to ensure that the next price review in 2024 struck the right balance between investment and price and did not make the mistakes of PR19.
“The CMA has recognised that the needs of current and future customers are best served by encouraging investment in infrastructure to mitigate the impact of climate change.
“This decision signals a significant move in regulatory approach which is to be welcomed. We are seeing some promising early signs that Ofwat recognises that PR24 needs to be very different and we look forward to working with both government and regulators to create a more sustainable system.”
It is expected an update will be provided following submission of Yorkshire Water’s response to the CMA, no later than the reporting of the company’s interim results at the end of November.