Pennon Group PLC South West Water Accepts Final Determination (9838C)
14 Febrero 2020 - 01:00AM
UK Regulatory
TIDMPNN
RNS Number : 9838C
Pennon Group PLC
14 February 2020
PENNON GROUP PLC
14 February 2020
SOUTH WEST WATER ACCEPTS FINAL DETERMINATION
As part of the Price Review 2019 (PR19) process, South West
Water's Final Determination for the period 2020-2025 (K7) was
published by Ofwat on 16 December 2019. After careful
consideration, Pennon Group is announcing today that South West
Water will not be applying for this to be referred to the
Competition and Markets Authority (CMA).
Importantly for customers, by 2025 South West Water bills will
be lower than they are today and lower than they were 15 years
earlier.
South West Water's Final Determination also includes;
-- a totex allowance of c.GBP2bn (wholesale and residential
retail) - consistent with South West Water's Draft Determination in
April 2019
-- a suite of outcome delivery incentives reflecting the priorities of our customers
-- an innovative customer sharing mechanism - WaterShare+ which
offers customers a tangible stake and a greater say in the
business.
An investor document summarising key metrics from Ofwat's Final
Determination has been published on the Pennon website and can be
accessed by the following link:
https://www.pennon-group.co.uk/investor-information
Following the decision to accept South West Water's Final
Determination, the outcome will be taken into account as part of
the ongoing review of the strategic focus, growth options and
capital allocation policy for the Pennon Group.
Pennon's current dividend policy expires in 2020, and it is
Pennon's intention to announce a new dividend policy by the full
year results announcement scheduled for 4 June 2020.
For further information, please contact:
Pennon
Susan Davy Chief Financial Officer 01392 443 168
Sarah Heald Director of Corporate Affairs
& Investor Relations
Jennifer Cooke Investor Relations Officer
Finsbury
J ames Murgatroyd 0207 251 3801
Harry Worthington
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END
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