Following a period of working level discussions, on 15 April 2016 United Utilities formally requested consent for a period of 5 years to provide working capital through a series of loans of no more than £100 million to a joint venture company in which United Utilities PLC will own 50% of the equity. The JV will be an associated company of United Utilities for the purposes of the conditions of United Utilities’s licence. United Utilities licence states that it needs consent from Ofwat to make such loans. On 19 April 2016 we granted consent (for a period of 5 years). This notice sets out the reasons why we have given consent and explains the background.