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Ofwat today published proposals to maintain the protection customers of Portsmouth Water following changes to the company's ownership. In February this year Secondary Market Infrastructure Fund UK LP acquired a 36 per cent equity interest in South Downs Capital Ltd, the ultimate holding company of Portsmouth Water Limited. Ofwat proposes to modify the company's conditions of appointment so as to maintain the ring-fencing of the regulated water business. This will ensure that Portsmouth Water's ability to carry out and finance its work as a water company is not put at risk from other activities carried out within its group. The company has agreed to act as if these modifications are in place. Notes to Editors: 1. The Director General of Water Services is the economic regulator of the water and sewerage companies in England and Wales. He exercises his powers in a way that he judges will allow them to carry out their functions properly, and finance them. His duties include protecting the interests of customers, wherever appropriate, by promoting effective competition. 2. A copy of the proposals and how to respond to them will be available on the Ofwat website, www.ofwat.gov.uk or from the Ofwat library on 0121-625 1373. 3. Portsmouth Water Limited supplies water services to nearly 290,000 properties. MEDIA ENQUIRIES TO OFWAT PRESS OFFICE ON: 0121 625 1416/1496/1442 Out of hours enquiries to: 07799 071377. Ofwat publications and press notices can be found on Ofwat's website at: www.ofwat.gov.uk  | ||||||
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