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Reading: Over the next five years, regulators mandate that water costs will increase by an average of 21%.
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Baner Club > Blog > Business > Over the next five years, regulators mandate that water costs will increase by an average of 21%.
BusinessEcnomics

Over the next five years, regulators mandate that water costs will increase by an average of 21%.

In an interim ruling on their business plans for the next five years, the industry regulator informed water providers in England and Wales that they would not be permitted to impose the increases to prices they had asked.

Last updated: 2024/07/11 at 10:54 AM
Published July 11, 2024
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Ofwat announced that it intended to reduce the total increases that the 16 businesses had proposed by a third.
According to the watchdog, this means that the average bill will increase by 21%, or £19, year.

“The public wants a significant shift in the way water companies handle the environment,” Ofwat CEO David Black said.

“Our proposed decisions regarding company plans authorize a tripling of investment [to £88 billion] in order to continuously improve the environment and customer service.”

Between 2025 and 2030, all companies projected significant increases to their bills; Southern Water led the pack with a proposed increase of about 73%.

According to Ofwat’s analysis, their wishes—including the 42% increase that Thames Water, in the midst of a crisis, is demanding—are unlikely to come true following the plans’ final consultations, given the sector’s intense criticism from a number of directions.

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admin July 11, 2024 July 11, 2024
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