The Competition and Markets Authority (CMA) published its interim report on Bristol’s appeal against Ofwat’s final determination of the 2014/15 periodic review, allowing a WACC of 3.65%. This is within ECA’s range of 3.0% to 3.75%. So what drove ECA to spearhead a falling WACC? And what was calculated differently to Ofwat in its recommended range? Read our viewpoint here READ MORE