By Anthony O. Goriainoff

The U.K.'s Civil Aviation Authority said Thursday that it is inviting stakeholders to share their views on its proposed approach to updating Gatwick Airport Ltd.'s economic regulation, and that the consultation will close on Nov. 30.

The regulator said that since 2014 the economic regulation of the airport--which is owned by Vinci's subsidiary Vinci Airports and a consortium of investors managed by Global Infrastructure Partners--has been based on a set of commitments given by Gatwick, and that these expire on March 31.

The CAA said that following engagement with airlines and other stakeholders, Gatwick Airport proposed a finalized new set of commitments which will start from April 1. These include a price commitment with a cap on published charges, a number of detailed changes to service-quality targets, and a minimum annual investment commitment of 120 million pounds ($157.8 million) on average.

The authority said it has scrutinized these proposals and considered them in light of the coronavirus pandemic, and therefore considers them to be broadly in the interests of consumers.

The CAA said it proposes to accept these commitments and will encourage Gatwick and airlines to continue working together on unresolved issues, including performance targets that can only be set once new measurement systems have been installed.

"We are also adding two specific items to our ongoing monitoring of GAL's performance, which relate to the availability of seating and the average level of airline discounts, to help protect the interests of consumers," the CAA said.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

10-22-20 0519ET