Bristol Water has said it will be unable to build some of proposed schemes including the Cheddar 2 reservoir, following the Competition and Markets Authority ruling on its Price Review appeal against Ofwat’s Final Determination.
The water company was responding to the CMA’s Final Determination which has been released this morning. In a statement, Bristol Water said:
“This Final Determination is a small improvement from the Provisional Findings published by the CMA in August.”
“The CMA has allowed a small increase in average bills above the five-year price limits previously set by Ofwat, which will enable us to continue to deliver the reliable and quality service customers have told us they want. Customers will see very little difference from next April when the new prices come into effect because a price reduction has already been applied in 2015.”
“The scope of our investment has been reduced so we are now unable to build some of our proposed schemes, this includes Cheddar 2. The CMA agreed with Ofwat that the case for beginning construction of the new reservoir had not been sufficiently made for this price review period. The project will be revisited in our next Business Plan.”
However, the firm added that it now has more appropriate funding to deliver other key improvements, including the Southern Resilience Scheme.
Commenting on the CMA’s decision, Luis Garcia, Bristol Water CEO said:
“It has been worthwhile going to the CMA as this is an improved outcome that we are confident will better serve Bristol Water’s customers by allowing us to maintain our network and invest in essential improvements.”
The new price limits for companies came into effect in April 2015 - Bristol Water prices will be re-adjusted from April 2016 onwards to reflect the CMA decision. Bristol Water’s average household bill will be the 6th lowest in the England and Wales from April 2016/17 (based on 2012/13 price base) in the Final Determination.
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