Ofwat publishes Draft Determinations for the PR24 Price Review
Date published:
July 12, 2024
key highlights are:
- Total allowance under the determinations is £88bn down from the proposed £104bn in the business plans
- £16bn has been saved by challenging the business plans
- On average bills are £44 per year lower than what companies put forward in their business plans
- Focus on water supply with allowance to build nine new reservoirs and triple the rate of new mains
- Focus on reduction of sewer flooding and sewer incidents
- Increased focus on moving towards net zero by 2050 - the 2030 ambition was not mentioned
- Ofwat view the water companies business plans South West plan is outstanding Wessex, Thames and Southern are deemed inadequate and the rest are Standard apart from South East Water which is deemed as lacking ambition
- The average bill rise is 21%
- £88bn is approximately 60% increase in capital expenditure compared the current AMP (Asset Management Period)
Ofwat Documentation for the Price Review DecisionFollowing the publication of the OFWAT Draft Determinations – Future Water is doing a ‘Deep Dive’ session exploring what the implications are for the sector and for suppliers.The session will be on 30th July, please register for it here:Future Water Deep Dive into the PR24 Draft DeterminationsFuture Water will be discussing and asking questions around:
- Ambition and Compliance
- Details underpinning Implementation
- Economic, Environmental, and Social Balance
- Capital Expenditure and Innovation
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