"Five major water companies have been significantly reined in by the UK's competition watchdog, which has slashed the amount they can add to customer bills. Anglian Water, Northumbrian Water, South East Water, Southern Water, and Wessex Water will now be permitted to raise an additional 463 million in revenue, a stark reduction from the 2.7 billion they had initially sought."
"The CMA stated its intention was to strike a balance between minimising the financial burden on households and ensuring suppliers have adequate funds to meet their legal obligations, particularly concerning environmental standards and drinking water quality."
The UK's Competition and Markets Authority has substantially reduced the amount five major water companies can add to customer bills. Anglian Water, Northumbrian Water, South East Water, Southern Water, and Wessex Water initially requested £2.7 billion in additional revenue but were limited to £463 million. This decision will result in an average 2.2 percent bill increase for customers of these firms, on top of a previously approved 24 percent hike. The CMA's revised decision represents a further reduction from the £556 million provisionally granted in October. The watchdog aimed to balance minimizing household financial burden while ensuring water suppliers have sufficient funding to meet legal obligations regarding environmental standards and drinking water quality.
Read at www.independent.co.uk
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