Green light for business plan
04th April 2014
South West Water's business plan for 2015-20 today received a big vote of confidence from Ofwat, the independent industry regulator.
The regulator confirmed that South West Water is the only water and sewerage company in England and Wales with an 'enhanced' business plan. The plan will now be fast-tracked for a draft price determination on 30 April, providing early planning certainty for the company and its customers. Other companies will have to wait until later in the year before they know whether their plans have got the green light as part of an industry price-setting process.
South West Water's five-year plan could see the average water and sewerage bill fall by up to 13 per cent in real terms by the end of the decade and investment is set to rise by 19 per cent to £868million.
Chief Executive Chris Loughlin said: "It's encouraging to be rated by our regulator as having a high quality business plan. It was shaped by people and organisations across the South West and we are very grateful for the feedback we received during our biggest ever consultation.
"The plan represents a real partnership between South West Water and the communities we serve, and a new chapter in the transformation of the water and sewerage services on which lives and businesses in our region depend."
South West Water has frozen its standard tariffs and standing charges until April 2015 and will be spending almost £160million to improve services during the next 12 months. In addition, for the second year running, bills already include the £50 Government reduction to 2020.
Published: 4 April 2014
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South West Water