Ofwat

/ ˈɒfˌwɒt /

noun

1. Office of Water Services: a government body set up in 1989 to regulate the activities of the water companies in England and Wales, and to protect the interests of their consumers

Example Sentences

The CMA said the five companies could raise bills higher that the original Ofwat decision, by an additional 3% — about £12 per year on average — as borrowing costs had risen.

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The CMA's conclusion, which is provisional and needs to be approved by Ofwat, means Anglian and Northumbrian should be allowed to increase their bills by a further 1%, Southern by 3%, South East by 4% and Wessex by 5%.

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They argued that the price rises set by the regulator Ofwat - which average 36% over the next five years – were not enough to deliver the needed investment in infrastructure.

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"We've found that water companies' requests for significant bill increases, on top of those allowed by Ofwat, are largely unjustified," said Kirstin Baker, who chaired the group of experts appointed by the CMA.

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Last October it was ordered to pay a £24.1m underperformance penalty by industry regulator Ofwat.

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