English and Welsh water firms could be forced to return £107m via lower bills
Source: The Guardian ·
Yorkshire and Thames among providers facing penalties for missing performance targets, but bills could rise elsewhereBusiness live – latest updatesThames Water, Yorkshire Water and other providers could be forced to cut tens of millions of pounds from household bills after the regulator said they had missed performance targets.Customer bills at Yorkshire Water could fall by £27 on average, while…
From the source
Thames Water, Yorkshire Water and other providers could be forced to cut tens of millions of pounds from household bills after the regulator said they had missed performance targets. Customer bills at Yorkshire Water could fall by £27 on average, while those at Thames could decrease by £7, according to estimates by Ofwat, the regulator of the privatised industry in England and Wales. The water industry has faced growing criticism in recent years amid rising bills, scrutiny over sewage pollution, high levels of debt and underinvestment in ageing infrastructure. As water customers cannot switch away from their provider if it underperforms, Ofwat instead has an “outcome delivery incentives” system of automatic payments or penalties based on agreed targets. Yorkshire and Thames will have to return £75.1m and £45.8m respectively after missing targets in 2025-26, Ofwat said. The payments will add to the financial pressures on the companies. Yorkshire is among the companies subject to…
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