21 Jan 2010 11:00
Bristol Water PLC
1100 hours 21 January 2010
Bristol Water plc
21 January 2010
Rejects Ofwat Price Determination
Bristol Water plc announces that the Board has decided it cannot accept the regulator Ofwat's determination of price limits between 2010-2015. The Company says that it has no alternative but to ask for the issue to be referred to the Competition Commission for review.
"In our judgement, Ofwat has proposed a determination that is not in the best interests of our current and future customers," said managing director Alan Parsons. "What we must deliver will cost more than Ofwat has allowed.
"Our customers have benefited from a long period when we have been able to minimise bills by stretching our assets' working lives. Unfortunately, there are now a number of factors coming together that mean increased levels of investment cannot be deferred any longer. This inevitably means costs, and bills, increasing. We do not agree with Ofwat about the scope of work needed and the cost of dealing with these issues and so must ask the Competition Commission to review the matter."
For more details about the company's proposals, use this link:
http://www.bristol-water.co.uk/news/mainNews.asp?newsID=418
Any enquiries to
Jeremy Williams, Director of Corporate Affairs, Bristol Water plc,
0117 9536470 or 07831 453924
Bristol Wtr.8t% (BWRA)