Water bills in England and Wales are set to rise by an average of £31 per year for the next five years, according to Ofwat, the water regulator. This increase will fund a £104 billion upgrade of the water sector but some companies have been granted permission for even steeper hikes.
Regulator Ofwat has announced that household water bills in England and Wales are set to rise by an average of £31 a year over the next five years. This increase is notably higher than the anticipated average rise of around £20 a year per household, which was outlined in the regulator's draft proposals back in July.
Ofwat has stated that the additional funds will be used to finance a £104 billion upgrade of the water sector, aiming to deliver 'substantial, lasting, improvements for customers and the environment'. However, despite the cited average yearly increase of £31, households are bracing for a significant initial surge of £86 or 20% next year, not including inflation, with smaller percentage increases planned for the subsequent four years. Over the span of five years, the average bill is expected to climb by a total of £157 or 36%. Some water companies have been granted permission for even steeper price hikes. Southern Water users will see their bills soar by 53%, while Severn Trent customers can expect a 47% increase before inflation is factored in. DWr Cymru and Hafren Dyfrdwy have both received approval for a 42% rise in charges, and Yorkshire Water bills are set to go up by £170 or 41%. Thames Water, meanwhile, has been authorised to raise consumer bills by 35%, alongside being fined £18.2 million by the regulator for issuing 'unjustified' dividends to shareholders. This decision falls significantly short of the 59% increase Thames Water had indicated was necessary in the lead-up to Ofwat's ruling, as the company grapples with securing a financial rescue package. Ofwat's chief executive David Black commented on the situation, saying: 'Today marks a significant moment. It provides water companies with an opportunity to regain customers’ trust by using this £104 billion upgrade to turn around their environmental record and improve services to customers
WATER BILL INCREASES OFWAT WATER REGULATION INFRASTRUCTURE UPGRADE WATER COMPANIES
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