Bristol Water has today announced it has decided to reject Ofwat’s Final Determination on its five-year AMP7 business plan “Bristol Water For All.”
Announcing the decision, the water company said:
“In December 2019 we received Ofwat’s final determination on our business plan. Having considered Ofwat’s determination carefully, it is regrettable to announce today that Bristol Water will be asking Ofwat to refer their decision to the Competition and Markets Authority (CMA) for review.”
Mel Karam, Chief Executive Officer at Bristol Water, commented:
“Operating Bristol Water in the best way possible for our region and its people, and for our employees, is at the heart of everything we stand for and have stood for, for generations. Although there is a lot we agree with Ofwat on, there are some technical issues, mainly around how to finance our company, that we don’t agree with.
“Despite our decision today, we will continue to serve our region, our customers and our local communities to the best of our ability and will maintain a strong social purpose at the heart of everything we do. We have already announced our ambition to reduce leakage from our network, which is already the lowest level in the industry, and reduce bills by on average £10 (5%) from April 2020.”
The decision to reject Ofwat’s Final Determination will now be referred to the Competition and Markets Authority who, following a review, will make their determination later this year.
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