Ofwat: watered down

Ofwat's latest pricing regime, released on Wednesday, is a reprimand dressed up in 259 pages of methodology. For listed companies, the average premium to RAV is now 10 per cent - already a four-year low. Across privatised telecoms, energy and water companies, the regulators' ability to interfere is an acute source of risk. Pricing frameworks limit gains, even if they underpin secure dividend yields. This, not the latest regulatory price fiddle, is the big risk.

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