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Ofwat does not consider that the recent takeover of AWG plc., the owner of Anglian Water, by Osprey Acquisitions Limited (Osprey) raises any significant regulatory issues. The decision follows a public consultation by Ofwat. Ofwat will modify slightly Anglian Water's conditions of appointment (licence) to reflect the new ownership and bring up to the current standard, including the cash lock up provision. This will ensure that the regulated water company is effectively ring-fenced from the rest of the Osprey group. Anglian Water's price limits will remain unchanged from those set by Ofwat for 2005-10, and the regulator will monitor the company's performance to ensure the purchase has no negative impact on the quality of service that consumers receive. 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.A copy of Ofwat's position paper, 'The acquisition of AWG plc by Osprey Acquisitions Limited and its impact on Anglian Water Services Limited' will be available on the Ofwat website on www.ofwat.gov.uk or from the Ofwat library on 0121-625 1373. 3.Anglian Water is the fourth largest of the ten water and sewerage companies in England and Wales, with a regulatory capital value of around £4,500m in 2005-06. It serves around 2.8 million properties across East Anglia and the East Midlands. 4.Media enquiries to Ofwat Press Office on 0121-625 1416/1496/1442.  | ||||||
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