“We wanted this price review to be demanding, making companies more efficient, improving their performance for customers, and closing off easy returns for investors. Our aim is for companies to give everyone the high quality and resilient services they deserve, while looking after the natural world and keeping bills affordable.
“To support companies in making this transformation, we have sanctioned customer funding of more than £50bn over the next five years. Nonetheless, our final determinations demanded a step change from the sector, so it is unsurprising that four companies considered the challenge uncomfortable.
“We are already seeing examples of positive change from that challenge: last year saw the biggest reduction in leakage for over two decades, bills are falling, and the best performing companies are already on track to make significant improvements in service.
“We respect the CMA and will look closely at their analysis before submitting further evidence to inform their final decision in December. Over the coming weeks we will make the case to the CMA to ensure customers get a good outcome, and that it is not too easy for investors to make returns in this sector.
“In the meantime, our focus will remain on pushing companies to deliver more for customers and the environment and we will continue to hold them to account for doing so.”