Scottish Statutory Instrument 2002 No. 165

      The Scottish Water (Rate of Return) (Scotland) Order 2002

      © Crown Copyright 2002

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SCOTTISH STATUTORY INSTRUMENT

2002 No. 165

WATER SUPPLY

The Scottish Water (Rate of Return) (Scotland) Order 2002

  Made 27th March 2002  
  Laid before the Scottish Parliament 28th March 2002  
  Coming into force 1st April 2002  

The Scottish Ministers, in the exercise of the powers conferred by section 41(2) of the Water Industry (Scotland) Act 2002[1] and of all other powers enabling them in that behalf, hereby make the following Order:

Citation and commencement
     1. This Order may be cited as the Scottish Water (Rate of Return) (Scotland) Order 2002, and shall come into force on 1st April 2002.

Interpretation
     2. In this Order-

    "the Act" means the Water Industry (Scotland) Act 2002;

    "accounts direction" means a direction given under section 45(2) of the Act.

Value of net assets
     3. The value of Scottish Water's average net assets for the financial year beginning with 1st April 2002 shall, for the purposes of section 41 of the Act, be the aggregate of-

Return on value of net assets
     4.  - (1) The Scottish Ministers hereby direct Scottish Water to exercise its functions during the financial year beginning with 1st April 2002 with a view to securing that it achieves in respect of that year a rate of return on the value of its average net assets for that year which is not less that that specified in paragraph (2) below.

    (2) 6% is hereby specified as the rate of return which the Scottish Ministers consider it reasonable for Scottish Water to achieve on the value of its average net assets for the financial year beginning with 1st April 2002.


ROSS FINNIE
A member of the Scottish Executive

St Andrew's House, Edinburgh
27th March 2002


EXPLANATORY NOTE

(This note is not part of the Order)


Responsibility for the provision of water and sewerage services in Scotland will on 1st April 2002 transfer from the new water and sewerage authorities to Scottish Water established under the Water Industry (Scotland) Act 2002. This Order makes provision as to the rate of return on the value of its average net assets which Scottish Water requires to achieve for the financial year beginning with 1st April 2002.

Notes:

[1] 2002 asp 3.back


ISBN 0 11061339 2


 


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Prepared 16 April 2002