Water | Price Review 2019 - Industry Transformation
Yesterday, 16 December 2019, the Water Regulator (Ofwat) has published the Price Review 19 final determinations, which contains a number of key demands for water companies in England and Wales over the next five year.
The £51 billion package also includes £469 million to address long-term drought challenges, more than £1 billion to help protect from flooding and identifying and helping an additional two million customers, who need extra support.
Other demands include reducing mains bursts by 12% and reducing pollution incidents by 12%.
In the document, the regulator also says it recognises that Londoners deserve a better level of service, so it will allow Thames Water to bid for up to an additional £480 million to deliver improved service resilience.
But in order to access this, Ofwat added that they will need to pass a series of tests and Thames’ investors will also need to provide substantial additional funding.
Infrastructure for Increased Resilience
- The package includes £13 billion for new and improved services that go above and beyond water companies’ day-to-day operations. This includes more than £1 billion to reduce the impact of flooding on communities across England and Wales.
- There have been allowed almost £500 million to support 17 major resilience schemes, including developing new water resources and the transfer of water across the country.
Protection of the Environment
- The water sector is taking a step forward with its commitment to achieve net zero carbon emissions by 2030.
- Stretching performance standards across all companies have been set in important areas like supply interruptions, bursts, leakage, and increasing help for vulnerable customers.
Affordability of Bills
- All these improvements will take place alongside an average 12%, or about £50, fall in bills, before inflation. This can be achieved as a result of the £6 billion efficiency challenge and lower financing costs, with the lowest allowed return on capital since privatisation 30 years ago.
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