As part of the price review process, we must submit a business plan that is assessed by Ofwat. Companies categorised as either significant scrutiny or slow-track must submit revisions to their business plans by Apriladdressing the shortcomings Ofwat has identified. It will ensure that we provide more of what matters to our customers, at a price they can afford and are willing to pay for.
We have an aim to become a leader in customer service, both within the water sector and against other industries.
In July Ofwat will publish draft determinations for companies categorised as either slow-track or significant scrutiny.
As part of its Water programme, Ofwat has invited stakeholders to make representations about how these challenges are best tackled and to identify the issues associated with delivering changes that meet these challenges head on. At the start of this process Cambridge Water operated as an independent company.
You can find out more by visiting www. Based on what you told us matters to you we developed seven long term outcomes, which will form the core of our future direction. Our current business plan runs for the period to It is also asking its customers what they think about the services they provide and the prices they charge.
Using your feedback to shape our actions. Companies need to plan long term and develop smart solutions to address the pressures of a growing population and climate change. A responsive regulatory approach.
Ofwat is funded from licence fees paid by the companies it regulates and company licences set limits on the amount it is allowed to recover through those fees. Not Just Water Working with our regulator — consultation responses The Water Services Regulation Authority, also known as Ofwat, is the water industry economic regulator.
Water business plan ofwat price limits are set to enable water companies to deliver the services required of them over the period. We are already working to refine the water resources management planning process and other regulatory incentives. This starts with addressing leakage.
Our guidance note Long Term Planning for the quality of drinking water supplies PDF KB sets out our views on issues that water companies may need to address for the PR19 period and beyond. Competition can reduce the cost of developing new resources and help deliver strategic and innovative solutions.
What is our approach to the business plan? In delivering these, we will seek to find innovative ways to work towards them, while keeping prices as low as possible. The next price review will be held in PR19 and we have already started planning for it.
Ofwat will lead work to facilitate new markets to support improved water resilience. While business plans categorised as significant scrutiny will receive reduced cost sharing rates and potentially capped outcome delivery incentive outperformance payments.
To help up do this we have set up a Local Water Forum. The output from the Yorkshire Water PR14 reconciliation will be proposed adjustments to our future revenues and regulatory capital value RCV for performance delivered between and a combination of actual and forecast performance.
To meet the challenges facing water resources, we will listen to any issues raised by the sector and work in a joined up way with companies to help overcome any real challenges identified.
A clear direction from government. Last year we created Our Customer Promise to help with this. Ofwat will take account of companies performance over the period in its initial assessments of company business plans at PR Each water company submits a Business Plan BP for the period of the review which is assessed by Ofwat.
We want companies and regional groups to use the PR19 regulatory period to demonstrate tangible progress in increasing collaboration and developing creative strategic water supply solutions. John Russell, senior director for strategy and planning at Ofwat, said: Our customers tell us they want good value for money, excellent water quality and a high level of customer service.
The regulator has challenged water companies to deliver more of what matters to customers in the coming decade, by being ever more resilient, efficient and innovative in the services they provide.Every five years water companies submit a new business plan to the regulator, mint-body.com sets out what they hope to achieve in the following five years, and h.
Ofwat: Draft price control determination for Northumbrian Water Consumer Council for Water Representation July The industry regulator, Ofwat, then looks at its plan and decides what Southern Water's customers should pay for the services it provides.
Ofwat will only do so if it is satisfied that Southern Water have understood its customers' requirements and listened to their views.
The pledges come in the company's business plan for to submitted to water industry regulator Ofwat. Wessex drew up the plans aftercustomers gave their views on bills and. As part of Ofwat’s price review, water companies have been required to outline a detailed business plan, detailing how they will charge customers between and Photograph: Daniel.
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, will be held tomorrow, Tuesday 3 December, at 9am to discuss the Business Plan.Download