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Ofwat today published proposals to modify the licence of South East Water following its sale last October. The company, which supplies water services to 1.5 million customers, was bought by Macquarie Bank Limited for nearly £400 million from French group Bouygues. Since the transaction Macquarie has transferred its interest in South East Water to the Macquarie European Infrastructure Fund. The proposed changes will further ring-fence the regulated water business from other activities carried out by its new owners, and bring it into line with other water companies in England and Wales. They include a commitment to maintain an investment grade rating, and legally enforceable undertakings from the new owners designed to strengthen South East Water's ability to comply with its licence. 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. WaterVoice represents customers' interests. 2. Following the sale of South East Water, Ofwat issued a consultation paper inviting views on the acquisition, including the current arrangements for ring-fencing the water business and the need for modifications to South East Water's licence. 3. Any representations about, or objections to, these proposals 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) or by e-mail to keith.mason@ofwat.gsi.gov.uk, to be received no later than 5.00pm on 2 July. 4. A copy of the proposal will be available from the Ofwat website on www.ofwat.gov.uk or from the Ofwat library on 0121 625 1373. 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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