The Competition and Markets Authority (CMA) has delivered a stinging rebuke to Ofwat, the water regulator ministers ‘abolished’ back in July. The CMA found the failing regulator’s sums were off by an eye-watering £556 million…
The CMA said Ofwat’s economic models were overly complex, used the wrong data in some areas and designed penalties that could actually discourage performance improvements:
“We made changes to Ofwat’s economic modelling… Our approach results in simpler models that explain a larger share of cost differences. Ofwat did not use appropriate data… [and] the way the penalties were calculated would disincentivise efforts to improve performance.”
Because of this, five water firms are to be provisionally allowed to raise their bills by between 1% and 5% more than previously granted by Ofwat. Meanwhile, the zombie regulator still holds responsibility for debt-ridden Thames Water. Time to pull the plug…
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