Last checked at 6 Feb 2015 07:00
BRISTOL WATER plc
Announcement of decision to seek review of Ofwat's Final Determination
Bristol Water has decided to reject Ofwat's latest price determination and will be seeking a review by the Competition and Markets Authority (the CMA).
The Final Determination, published on 12 December 2014, sets the allowed levels of total expenditure and investment companies can make to improve and protect water supplies. It also set the price controls which apply to companies' retail and wholesale activities and which determine the level of customers' bills over the next five years.
Ofwat set the allowed level of total wholesale expenditure for Bristol Water at £409m and reduced the average household bill from £197 to £162 in the first year followed by four years of £152; this amounts to a 23% reduction (figures are based 2012/13 price base).
Bristol Water's business plan for 2015 to 2020 had proposed wholesale expenditure of £541m and a reduction in average household bills of 4.5%, or £9 in real terms, to £188.
For further information contact Bristol Water Corporate Affairs on 0117 9536470 during office hours or 07831 518964 or 07554771538 out of hours.
www.bristolwater.co.uk |
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