United Utilities has said that its water division has accepted the revised `Section 13' licence modification proposals from Ofwat, which were published on December 21st.

The company told investors it "considers that the revised licence amendments have reduced uncertainty", compared with the previous proposals issued on October 26th.

In a statement the group said: "These revised licence proposals provide for the changes required to facilitate the forthcoming price review in 2014 (PR14) and set a framework for progressive evolution of regulation in the sector.

"In particular, these proposals focus on the expected introduction of separate price controls at PR14 for the retail and wholesale segments of the value chain. Any further changes necessary for regulatory evolution which require licence amendment would be subject to subsequent `Section 13' notices.

"We welcome this progress and will continue to actively engage with Ofwat and our other stakeholders through the PR14 process."

NR

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