Thursday 24 August 2017

Competition watchdog approves new Wave of water retailer

The joint venture between Anglian Water and Northumbrian Water for non-household retail services has been approved.

The two companies proposed to transfer their non-household retail water and sewerage businesses to form a 50/50 joint venture ‘Wave’.

The Competition and Markets Authority (CMA) investigation and cleared the merger, suggesting there is “sufficient competition remaining with respect to other customer segments and on a broader geographic basis, including England and Scotland”.

The joint venture will have around 250,000 customers and a combined turnover of more than £500 million.

It intends to eventually become a multi-utility retailer, providing gas and electricity services.