Last checked at 15 Dec 2014 07:00
PENNON GROUP PLC
15 December 2014
Final Determination for South West Water
Pennon Group is pleased to announce that South West Water will not be applying for the Final Determination received from Ofwat on 12 December relating to its business plan to 2020 to be referred to the Competition and Markets Authority.
This brings to a close a successful price review process for South West Water. It represents an excellent outcome for investors and for customers. Over 84% of customers supported the plan which was first published in December 2013. It was recognised as a high quality plan, identified as 'enhanced' by Ofwat and fast-tracked for an early Draft Determination earlier this year.
The alignment of the Final Determination with both the company's business plan and Draft Determination enables the company to respond positively and promptly at this early stage.
South West Water has already frozen its prices for the current year, and in real terms the determination leads to a 13% reduction in prices for customers from 2014 - 2020. As well as pegging back prices to the end of the decade, the company will be carrying out major investments to improve the region's water and wastewater services.
An investor document has been published on the South West Water's WaterFuture website and can be accessed by the following link http://waterfuture.southwestwater.co.uk/investor-summary .
A City conference call with Chris Loughlin, Chief Executive, South West Water; David Dupont, Group Director of Finance, Pennon Group; and Susan Davy, Finance and Regulatory Director, South West Water, is taking place today ( Monday 15 December) at 09:30am to discuss the highlights from the Final Determination.
Dial-in details:
Dial-in number: +44 (0) 20 3003 2666Password: South West Water
www.pennon-group.co.uk