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OliGarch I think the the user needs review due in 2 months may give a good indication as to any likely changes to meet users requirements. The whole regulatory framework work/consultation will be more complex and who knows it may include some competitor impacts. I would think if the government approve any recommendations IMO it would get through parliament (Conservatives still in power with large majority) although it may not be top of any priority list. If the user review flags a change of customer needs it could be positive for the SP. If it was to remain as is, the regulator needs to ensure it is financially viable for the business.
Crystalball, "those that own and run it can't do as they need, they are massively restricted, a private company that requires parliament approval before changing something to do with it's business".
An interesting scenario indeed and one that many private investors fail to get to grips with.
In 2013, I accused Vince'n'Dave of selling RM off too cheap but perhaps it is they who have mugged us and not vice versa?
Not so long ago, the general opinion was that RM needed to reduce their USO obligation in order to make the balance sheet look more appealing. The timeline issued by the CWU indicates that the earliest this is likely to happen is spring 2022 which is 18 months away and even then it will require parliamentary approval. Given that Covid-19 has already held up many motions in parliament including the changes that RM have put forward for their pensions reform this date of April 2022 looks to be unlikely.
Does anyone have any thoughts as to whether this may hinder progress for the SP going forward?
"To be clear, the CWU policy and the commitments contained in our Four Pillars Agreement is to protect and promote the 6 day USO. Equally, whilst the Regulator and the Government may recommend changes to the Regulatory Framework and the USO, it has to be cleared through parliament."
that in part is what worries me with the RMG, once sold into private ownership, those that own and run it can't do as they need, they are massively restricted, a private company that requires parliament approval before changing something to do with it's business, interesting scenario.
almost break even now, think i'll step off the merry-go-round if i can get a little profit.
Interesting that most of the markets took a kicking today, and RMG goes up LOL
Released today from CWU HQ
Following on from the RMG AGM there was much speculation in the media regarding the future of the 6 day USO. The Regulator (Ofcom) is carrying out a review, the timescales of which are as follows:
? Ofcom will release a ‘User Needs Review’ based on a consultation they carried out; this is expected around November 2020.
? Ofcom will carry out a consultation on all aspects of the Regulatory Framework (i.e. not just the USO) this is anticipated to be early 2021.
? If any legislation change is required, it is anticipated that this will take place late in 2021.
? Any change would then potentially be introduced in April 2022 subject to receiving parliamentary assent.
To be clear, the CWU policy and the commitments contained in our Four Pillars Agreement is to protect and promote the 6 day USO. Equally, whilst the Regulator and the Government may recommend changes to the Regulatory Framework and the USO, it has to be cleared through parliament.