Tideway – undertaking under section 19 for breach of licence

Date28 April 2023

Tideway notified Ofwat that it would not be able to submit its audited Annual Performance Report (APR) and other submissions to us on 15 July 2023 as required by its licence. This is because its current auditors KPMG are unable to carry out the required audit. KPMG informed Tideway that they apparently do not have the resources to meet this deadline. This will constitute a breach of Tideway’s Project Licence which requires it to submit an APR and other submissions by 15 July every year, accompanied by an auditor’s report.

In lieu of taking enforcement action against Tideway, Ofwat has accepted an undertaking from Tideway. In terms of the undertaking, Tideway will submit an unaudited...

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