The Competition and Markets Authority (CMA) has signed revised Memorandums of Understanding (MoUs) with Ofgem and Ofwat.

The agreement with the energy regulator sets out the working arrangements in relation to their competition law powers in the gas and electricity sectors in Britain.

It states: “It draws on the legislation which sets out the formal framework for how concurrency will operate and also, importantly, sets out our bilateral commitment to look for opportunities to work together, including within the framework of the UKCN, to promote competition for the benefit of consumers.

“We shall do this by the sharing of expertise, information, ideas and experience and each of us will commit to doing this efficiently and with a mutual regard for each other’s statutory position and strategic objectives.”

An investigation into the energy market is currently being undertaken by the CMA.

It adds the agreement with the water regulator sets out more practical detail on how they can work together within the framework of competition law.

The document states: “Water and sewerage markets are in the process of liberalisation, with the aim of fostering more competitive markets for the benefit of current and future customers.

“As markets evolve, competition enforcement… will be increasingly important tools to enable the development of effective competition in the sector.”

Last month MPs blamed Ofwat for high water bills, which led to companies making windfall gains of £1.2 billion in the last five years.