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thames water It has been agreed to delay a potential appeal on how much can be charged for customer bills while refinancing deals are negotiated with potential buyers.
Britain’s largest water company said it agreed Fear To adjourn the matter until further notice.
It had previously asked the water watchdog to refer its price review to the UK Competition and Markets Authority (CMA).
It is one of a number of utility companies urging regulators to allow them to charge customers more for bills than before, arguing that what was allowed by Ofwat was not enough to support investment and improvement plans.
Thames said in February that doing so was “in the interests of our customers and the environment”.
A possible appeal has been put off after a group of investors offered a rescue deal for the troubled utility firm.
London End Valley Water submitted a turnaround proposal earlier this month that is currently being examined with regulators. A spokesperson for the consortium said: “Today’s announcement and the agreement on further extension follows discussions with Ofwat, the EA (Environment Agency) and DWI (Drinking Water Inspectorate) and continued progress to develop a sustainable solution that will deliver improvements for Thames Water customers, employees and the environment.
“We will continue to work with all stakeholders with a view to concluding negotiations as quickly as possible and agreeing the terms of the transaction, achieving an outcome that is first and foremost in the interests of customers and avoiding the unnecessary costs, risks and delays of a special administration.”
An Ofwat spokesperson said: “Thames Water has requested a further postponement of the final determination reference of its 2024 price review to the Competition and Markets Authority (CMA).
“Given ongoing discussions with the company’s creditors, Ofwat has agreed to this request and informed the CMA.
“Thames Water and Ofwat agree that there is no benefit in setting a fixed expected end date for a postponement decision at this point in the review process.”