Ofwat sets Wessex conditions

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The Independent Online
THE WATER watchdog, Ofwat, yesterday invited comments by 27 November on proposed amendments to Wessex Water Services' licence. The proposals, which are intended to safeguard regulation, have been agreed by Enron Water as a condition of its takeover of Wessex Water.

"Wessex Water will become part of the [US utility] Enron group and I must ensure that I am able to continue to gather information about how it is carrying out its duties, and the costs incurred to give me a clear view of its performance. My objective is to ensure that the business operates in the interest of customers of Wessex Water and that I have access to information to enable me to regulate effectively," said Ian Byatt, director- general of Water Services.

"Wessex Water will issue a variable rate bond linked to its credit rating not later than 31 December 2000 and will use all reasonable endeavours to list it on the London Stock Exchange. This will ameliorate the loss of comparative stock market information when Wessex Water plc's market quotation disappears.

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