Less Water Bills
Published on by Water Network Research, Official research team of The Water Network in Business
United Utilities Group Plc (UU/), the U.K.'s Largest Publicly Traded Water Company, Rose the Most Since January in London After Offering to Cut Customer Bills as Much as 4.1 Percent Starting Next Year
The utility submitted a revised version of its business plan to Ofwat in a bid to end an impasse with the U.K. regulator over what it can charge for the five-year period starting 2015. The stock climbed 3.3 percent to 810 pence, its steepest one-day gain since Jan. 28.
United Utilities, which provides water and sewer services to 7 million people in the northwest, proposed to reduce bills as much as 4.1 percent over the period compared with 2.3 percent in its initial plan. The Warrington-based company also said it will cut expenditures by 370 million pounds ($591 million) to a total of 5.52 billion pounds for the period.
Ofwat sets limits on how much the 18 water utilities serving England andWalescan charge customers every five years. As part of that process, utilities are expected to submit business plans to the watchdog detailing the costs. Private providers Bristol Water Plc and Thames Water Utilities Ltd., which serves the London area, have also been given more time by Ofwat to revise customers' bills.
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