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Funding flows well for Glas Cymru

Philip Fletcher

On January 30, UK water regulator Philip Fletcher finally gave the go-ahead to Glas Cymru's purchase of the assets of Welsh Water, in exchange for assuming £1.8 billion of the debt of Welsh Water's owner, utilities group Hyder. Glas Cymru - "the people's company" is to have what amounts to mutual status and become fully debt financed. Technically, it will be owned by nobody but guaranteed by 200 members - ranging from Welsh dignitaries to hospitals - whose individual personal liability will be capped at £1.

Fletcher's decision had been eagerly awaited by other water companies, several of which are keen to restructure on similar lines - a scheme to create a fully debt-financed company put forward by Kelda, the owner of Yorkshire Water, was blocked by the regulator last year.

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