Water watchdog's defeat turns on cash taps for (some) shareholders

Four of the 17 firms in England and Wales appealed in vain to the competition regulator over billsIt’s not (yet) a crisis in the world of water regulation, but a heavy defeat for Ofwat, trying to land its “toughest ever” price settlement, is a big moment. Four companies rebelled over proposed steep cuts to bills and, to varying degrees, all got something from the video assistant referee (VAR), meaning the Competition and Markets Authority.Appeals haven’t succeeded often.