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Ofwat consults on Sutton and East Surrey Water change of ownership issues
Ofwat today launched a consultation over the regulatory issues arising from the sale of Deutsche Bank's stake in Aqueduct Capital (UK) Ltd (ACUK), the UK holding company of Sutton and East Surrey Water plc.
Ofwat is now asking for views on the following issues:
* the capacity of ACUK and its investors to be the owner of a
regulated business;
* who should provide the ultimate
controller undertaking required by Sutton and East Surrey
Water's (SES) licence; and
* the addition of the cash
lock-up conditions to SES's licence.
Responses to the consultation must be received by Ofwat by 17.00hrs on Monday 18 June 2007.
Notes to editors:
1. The Water Services Regulation Authority
(Ofwat) is the economic regulator of water and sewerage companies
in England and Wales. It exercises its powers in a way that it
judges will allow companies to carry out their functions properly,
and finance them. Its duties include protecting the interests of
consumers, wherever appropriate by promoting effective competition.
2. Sutton and East Surrey Water is the sixth largest of the 13 water only companies in England and Wales. It supplies water to approximately 270,000 homes and business customers across the London boroughs of Croydon and Sutton, East Surrey and parts of Kent and Sussex.
3. The consultation paper, 'The syndication of Deutsche Bank's ownership of Aqueduct Capital (UK) Limited and its impact on Sutton and East Surrey Water plc', will be available on the Ofwat website, http://www.ofwat.gov.uk or from the Ofwat Library on 0121 625 1373.
4. Responses should be addressed to Ms Emma Cochrane, Head of Corporate Finance, Water Services Regulation Authority, Centre City Tower, 7 Hill Street, Birmingham B5 4UA. They can also be faxed on: 0121 625 3623, or emailed to: emma.cochrane@ofwat.gsi.gov.uk
Centre City Tower
7 Hill Street
Birmingham
B5 4UA
