The Business Matrix: Saturday 21 December 2013

Thames drops bid to raise water bills

Thames Water has dropped its attempt to raise household bills by £29 next year. The company had asked the regulator Ofwat to let it raise bills by 8 per cent on average to help pay for London’s new super-sewer. But Ofwat rejected the attempt and Thames said it would not challenge that ruling.

Serco bounces back with contract

Serco won a 22-year contract expansion from the Ministry of Justice yesterday, which is worth £120m, a day after repaying £68.5m over the prisoner tagging scandal. The group will build an extension at HMP Thameside in Greenwich, giving the 900-prisoner jail space for another 332 inmates.

SSE will close two coal-fired plants

SSE has decided to shut its Ferrybridge and Uskmouth coal-fired power plants by the end of 2023, rather than fit them with new carbon emissions technology. The energy company had already said it would close 2,000MW of power generation by the end of March.

Card mis-selling pool increased

The credit card insurance group CPP has raised the amount set aside to compensate customers over mis-selling by a further £10m to £68.5m. Up to seven million people could be in line for compensation after 13 banks and credit-card issuers agreed to a £1.3bn compensation scheme.