PENNON GROUP PLC
17 March 2014
South West Water accepts Ofwat's Risk and Reward Guidance
Ofwat announced on 10 March, following a detailed assessment of the 2015-20 business plan of Pennon Group's subsidiary, South West Water, that its business plan had pre-qualified for 'enhanced' status.
Today South West Water has accepted Ofwat's invitation of 10 March to adopt the principles of the regulator's risk and reward guidance published on 27 January 2014. The company has submitted an updated business plan to Ofwat reflecting these principles and awaits Ofwat's confirmation on 4 April 2014 that these new proposals are acceptable to the regulator and are in line with its guidance.
South West Water was the only water and sewerage company to have a 2015-20 business plan that pre-qualified for 'enhanced' status together with one water only company.
South West Water submitted its five-year business plan to Ofwat in December 2013, following its biggest ever consultation; a public approval rating of at least 84 per cent; and the support of the independent WaterFuture Customer Panel.
Ofwat has stated that it will publish draft determinations for enhanced companies on 30 April 2014.
www.pennon-group.co.uk
