Ofwat Finalizes Water Sector Spending Plan with Higher Bills and New Investments
The regulator's revised determination increases spending allowances to £104 billion and permits a 36% rise in average household water bills by 2030.
- Ofwat's final five-year regulatory settlement allows £104 billion in total spending, including £44 billion for new investments such as nine reservoirs and upgrades to wastewater treatment facilities.
- The average household water bill is set to rise by 36% to £597 annually by 2029-30, reflecting increased costs for infrastructure improvements and regulatory demands.
- Higher rates of return for investors and adjustments to penalties for poor performance were included to address industry pushback and maintain 'investability.'
- Financially distressed companies like Thames Water and Southern Water are expected to appeal the settlement to the Competition and Markets Authority by February 2025.
- Ofwat's decision balances increased funding for infrastructure with consumer affordability, though critics argue past underinvestment by water companies has led to the current challenges.
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