Bristol Water Restructuring

RNS Number:7646N
Ecofin Water & Power Opps PLC
21 July 2003

                       Ecofin Water & Power Opportunities plc

                         Bristol Water Holdings Restructuring


Ecofin Water & Power Opportunities plc (the "Company") announced today that it
welcomes the financial restructuring of Bristol Water Holdings plc ("Bristol
Water") announced earlier today by Moger Wooley, Chairman of Bristol Water, at
Bristol Water's Annual General Meeting.  The Company owns 1,776,718 ordinary
shares of Bristol Water, equivalent to 24.5% of Bristol Water's ordinary share
capital.  Bristol Water is the Company's largest holding accounting for
approximately 14.3% of the Company's gross assets at 16 July, 2003.


Bristol Water's proposed restructuring envisages an increase in the level of
borrowings in Bristol Water's regulated water business and a return of
approximately #50 million to shareholders, equivalent to #6.75 per ordinary
share of #1 each (approximately #1.35 per share after the 5 for 1 share split
which will take effect from 28 July, 2003).  Bristol Water also announced that,
following the return of value to shareholders, its Board would expect to adopt a
sustainable dividend cover policy in line with other companies in the water
sector.  The return of value will require, inter alia, the approval of the Court
and of Bristol Water's shareholders.



The announcement made earlier today by Bristol Water follows detailed
discussions between the Company and Bristol Water and between Bristol Water and
its financial advisers.



Martin Negre, Chairman of the Company, said



"We are pleased that Bristol Water's Board has taken this initiative on behalf
of its shareholders and we look forward to giving it our full support."





Information on Ecofin Water & Power Opportunities plc



Ecofin Water & Power Opportunities is a U.K. investment trust which invests in
companies in the water, electric power and gas distribution industries,
principally in the U.K., Continental Europe and the United States.  The trust
was launched in February 2002 through a placing with institutional investors and
has two classes of shares, income shares and capital shares, which are listed on
the London Stock Exchange.  The trust's Investment Adviser is Ecofin Limited.





Information on Ecofin Limited



Ecofin Limited is a London-based, privately owned investment advisory, fund
management and corporate advisory firm which specialises in
infrastructure-related industries, including the water, electric power and waste
management industries.  The firm was founded in 1992 and is regulated by the
FSA.  Ecofin is the Investment Adviser to Ecofin Water & Power Opportunities
plc, a U.K. investment trust.  In May 2003, Ecofin originated and developed
jointly with Deutsche Bank and Collins Stewart a structure which enabled a group
of institutional investors to acquire Northumbrian Water Group plc from Suez
S.A. and to re-list it on the Alternative

Investment Market.





21 July 2003


ENQUIRIES:


Ecofin Limited                                 Tel:   [phone]
John Murray, Chairman
Bernard Lambilliotte, Managing Director

College Hill                                   Tel:   [phone]
Tony Friend
Richard Pearson





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            The company news service from the London Stock Exchange
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