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Ofwat today published proposals to protect customers of Dee Valley Water following the company's financial restructuring. Ofwat has drawn up changes to Dee Valley Water's licence that will:
Last August Dee Valley Group completed a capital restructuring of Dee Valley Water that raised the water company's borrowings to £35 million, around 80% of its regulatory capital value. Dee Valley Group believes this increased level of long-term debt will allow Dee Valley Water to reduce its cost of finance. Keith Mason, Director of Regulatory Finance at Ofwat, said: "Whilst companies are free to choose and take to the capital markets their own preferred financial structures, customers must be properly protected from taking on undue additional risks. "The proposed licence changes, which Dee Valley has agreed to, will ensure that the water company continues to remain a financially viable and stable business, capable of financing its operations and capital programmes in the future." Note to Editors: 1. The Director General of Water Services is the economic regulator of the water and sewerage industries 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. WaterVoice represents customers' interests. 2. Copies of the proposed notice will be available from the Ofwat website on www.ofwat.gov.uk or from the Ofwat library on 0121 625 1373. 3. Any representations or objections must be sent in writing to Keith Mason, Director of Regulatory Finance at Ofwat, Centre City Tower, 7 Hill Street, Birmingham, B5 4UA (fax: 0121-625 3609; e-mail:keith.mason@ofwat.gsi.gov.uk) to be received no later than 5:00pm on 28 April 2003. MEDIA ENQUIRIES TO OFWAT PRESS OFFICE ON: 0121 625 1416/1496/1442 Out of hours enquiries to pager: 08700 555 500 water 503/509. Ofwat publications and press notices can be found on Ofwat's website at: www.ofwat.gov.uk  | ||||||
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