Millions spared inflation busting price rise as regulators slap down Thames Water proposal
Published on by Water Network Research, Official research team of The Water Network in Business
Thames Water was today officially banned by the industry regulator from forcing an inflation-busting 8 per cent "exceptional" price increase on millions of customers.
Ofwat said it had decided to turn down the application from Britain's biggest water company for an additional price increase for 2014-2015, claiming there was no justification for the proposed increase.
A provisional decision was released last month, and Ofwat said today's decision is final. Thames Water's only option now is to trigger an appeal to the Competition Commission.
The judgement comes amid fierce political pressure on Britain's water companies to forgo price increases already agreed for next year. It's the latest sign of a growing toughnes from Ofwat.
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