03 Dec 2013
Ofwat has confirmed that water companies have submitted their business plans for the period 2015 – 2020.
Ofwat will now analyse and challenge companies’ plans – and proposed bill changes – to make sure customers get the right level of service for the right price, while ensuring companies can raise finance to continue to invest in the sector.
Jonson Cox, Ofwat’s Chairman said:
“Ofwat challenged companies to listen carefully to their customers in preparing their plans. Our board made clear that current economic circumstances gave companies an opportunity to deliver falling bills in real terms over the coming five years while maintaining substantial ongoing investment.”
Cathryn Ross, Ofwat’s Chief Executive Officer said:
“Ofwat’s job is to make sure that customers get a fair deal from water companies. We will now carry out an independent, rigorous process to analyse and challenge companies’ plans to ensure that happens.”
In April, Ofwat’s Board will announce its decision on the quality of companies’ plans, including how well they have taken account of their customers’ priorities.
Companies which deliver plans that Ofwat judges outstanding across the board will benefit from a fast-track approval process; plans requiring some intervention will go through a standard process while any company whose plan has significant shortcomings will be asked to resubmit its plans.
Final decisions on prices will be made by January 2015, with new bills coming into effect in April 2015.
Story appears courtesy of Ofwat