Statement regarding change to Ofwat’s retail exit code

We have given a one-off bill adjustment as a gesture of goodwill to customers who were adversely impacted by a recent regulatory change.  The reason this scenario has occurred is because in 2020 Ofwat made a change to the Retail Exit Code (which sets out the maximum prices Retailers can charge) without consultation with Retailers, which was required prior to any changes becoming effective.  Whilst it has been noted that Wave is not at fault, and overall more customers were better off than worse off, we decided to make a gesture of goodwill to a small number of customers who were adversely affected, 99% of customers were unaffected.