CMA To Consider Ofwat's Proposed Price Review
The Competition and Markets Authority (CMA) has revealed it will examine Ofwat's price review after receiving appeals from water companies.
At the end of last year, the water regulator announced its price control for 2020-2025 with regards to water customers to help reduce bills while ensuring water remains sustainable for the future.
However, any providers that are disgruntled with Ofwat's decision have had until February 15th to refer their case to the CMA, who will look at the impact of the price control for each of those companies.
Independent panel members will form an Inquiry Group, which will also receive support from CMA staff, and take at least six months to complete the review.
CMA Inquiry Group Chair Kip Meek stated: "Everyone needs water, so it's really important that customers' bills are not set too high, but at the same time the water companies have enough money to deliver an efficient and high-quality service."
It was added the organisation will look at whether the price review "strikes the right balance in this and other areas", and changes will be made where it has failed.
Once the examination has been complete, the CMA will publish a report with its final conclusion regarding the water price controls.
As well as cutting customer bills, Ofwat's price review involved £51 billion spending package for the next five years, with £13 billion of this dedicated to issuing better and more environmentally-friendly services. It also intended to cut leakage by 16 per cent, invest £1 billion to protect communities at risk of flooding, and reduce pollution into rivers and streams by almost a third.
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