Sharing our success
We're busy delivering our 2015-20 business plan, which got a top rating from economic regulator Ofwat and was shaped by our biggest ever consultation with customers. The plan, which can be viewed here, includes spending about £1billion to maintain and improve services and a Price Promise to peg average household bills below inflation.
Our plan includes an innovative scheme called WaterShare which enables us to share our success with customers in a more open and timely way. If we outperform our business plan there are financial benefits which are shared with customers. If we underperform, our customers are protected.
An independent WaterShare panel, which meets three times a year, scrutinises our performance against the current business plan, and reviews and challenges our recommendations on how any benefits should be shared with customers. Sharing could either be through reinvestment to improve customer service or bill reductions.
Separately, to guide and test the development of our next business plan, from 2020 to 2025, the same panel members sit on our independent WaterFuture Customer Panel.
Open and transparent
We have a strong track record of being efficient and sharing our success with customers, but this was not as visible as it could have been - up to now. WaterShare provides improved visibility of our performance and how customers benefit from our success. We plan to be even clearer and more transparent in future as we further develop this industry-leading initiative for customers.
The Terms of Reference sets out the overall purpose and responsibilities of the WaterShare Panel.
The WaterShare Panel is to protect the interest of customers by providing an independent review.