The regulator will set out by how much England’s suppliers can raise consumer bills over the next five years in a draft ruling.
Water firms including embattled giant Thames Water will learn on Thursday how much they will be able to hike bills as Ofwat releases its ruling on the industry’s future spending plans.
Among the reforms the Environment Secretary is set to announce on Thursday is ensuring water infrastructure funding is ringfenced and can only be spent on upgrades, as well as a change of company rules to ensure customers are at the heart of the companies’ objectives. “Today I have announced significant steps to clean up the water industry to cut sewage pollution, protect customers and attract investment to upgrade its crumbling infrastructure.
The firm said the bills hike will help fund £19.8 billion of improvements to its network of drains, sewers and reservoirs. If it ultimately fails to attract fresh funding, Thames’ fraying finances will present Sir Keir Starmer’s newly elected Labour Government with a significant industrial crisis. But the regulator has rarely made major deviations between its draft and final rulings in previous years, meaning Thursday’s statement will give all parties an indication of how lenient it is likely to be later on.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ofwat to issue bills ruling as water firms to meet Environment SecretaryThe regulator will set out by how much England’s suppliers can raise consumer bills over the next five years in a draft ruling.
Read more »
Compensation for boil notices among new water company rules announced by environment secretaryAmong four reform announcements is the news that, for the first time in UK history, customers will be granted new powers to hold companies to account through 'customer panels'.
Read more »
Environment Secretary sets out plan as he meets water chiefsSteve Reed will meet water bosses as Ofwat sets out how far England’s water suppliers can raise consumer bills over the next five years.
Read more »
Environment Secretary sets out plan as he meets water chiefsSteve Reed will meet water bosses as Ofwat sets out how far England’s water suppliers can raise consumer bills over the next five years.
Read more »
New environment secretary Reed summons water bosses for urgent talksSteve Reed will meet chiefs of companies including Thames Water hours after a crucial set of rulings by the industry regulator Ofwat, Sky News can reveal.
Read more »
South East Water says it needs cash injection to stay afloatThe water company is already on regulator Ofwat’s watch-list for financially at-risk companies
Read more »