(Alliance News) - Water utility and waste management company Pennon Group PLC on Friday said it will return GBP20 million, or GBP20 per customer, under unit South West Water's WaterShare+ scheme.
The scheme is a voluntary mechanism for sharing regulatory outperformance, approved by Pennon shareholders. Reflecting regulatory outperformance to 2020, the company plans to return GBP20 million to its customers.
As part of the scheme, customers will be able to elect to receive GBP20 in Pennon shares as an alternative to receiving a GBP20 credit on their bill.
Pennon Chief Executive Officer Susan Davy said: "If South West Water continues to outperform, we will share further financial benefits with our customers, including the opportunity for them to take a bigger stake in their water company and for more customers to become shareholders."
Shares in Pennon were up 0.4% at 1,021.50 pence each in London on Friday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Pennon (PNN)