This document is a consultation on strengthening the regulatory ring-fencing framework to bring all licences up to the industry leading standard. It sets out why we believe that the regulatory ring-fencing framework should comprise licence conditions which are consistent across the industry. The proposals in this document build on previous consultations and discussions in industry workshops, and specifically relate to:
- maintaining investment grade credit ratings and cash lock-up;
- providing ring-fencing certificates;
- reporting of material issues; and
- change of control.
We would welcome any comments on this document. Please send your responses to FinanceAndGovernance@ofwat.gsi.gov.uk by 8 January 2019. You can also submit your response by post to: Regulatory Ring-fencing, Ofwat, Centre City Tower, 7 Hill Street, Birmingham B5 4UA.