Ofwat Sets Price Controls for Water Companies
Published on by Water Network Research, Official research team of The Water Network in Business
Ofwat Has Published Draft Determinations, Setting Price Controls for Water Companies in England and Wales for the Five Years from 2015 to 2020
Ofwat says average bills for water and wastewater customers should fall by around 5% in real terms from 2015 to 2020, with a £43B investment programme resulting in better levels of customer service. Customers will see an average 40% reduction in time lost to supply interruptions, better bathing water quality across England and Wales and more than 240 million litres per day saved through better control of leakage and water efficiency.
Cathryn Ross, Ofwat chief executive, said: "Delivering for customers rather than ticking regulatory boxes will drive what companies do over the next five years. Some will find this tough, but companies that really stretch themselves will reap the benefits of increased customer trust and confidence."
The draft determinations set an overall revenue allowance for the companies, which are then tasked with translating this into a charging tariff. Water and sewerage companies have engaged with 250,000 customers during this latest price review process, often via panels made up of a cross-section of customers and their representatives.
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