UNITED Utilities will carefully consider regulator Ofwat’s final deliberation on price levels for the next five years before responding, said chief executive Philip Green today.

Ofwat will announce its decision on spending levels tomorrow.

Warrington-based UU put in for price increases between 2010-2015, but has been asked by the regulator to cut household bills by 5% in real terms over the five-year period.

Some water companies are reportedly considering slashing jobs in order to maintain spending plans on infrastructure improvements.

But Mr Green said today the company has two months to consider Ofwat’s announcement before either accepting or referring it to the Competition Commission.

He added: “There’s a variety of things we can do. We can raise more money, sell more assets or raise prices. We are always looking at improving efficiency, but we’re not saying anything about jobs today.”

Its interim results to September 30 released today showed UU increased revenue by £6m to £1.2bn over the six months and underlying operating profits rose from £366m to £370m while pre-tax profits slipped from £305.8m to£206m.

The group recently raised £130m from the sale of stakes in Manila Water and Northern Gas Networks, and Mr Green said: “It would be no surprise if we were to sell some other parts of our non-regulated business, but it’s not a buffer or fighting fund for the Ofwat decision, it’s just for the balance sheet.”