£20million stake for customers, plus enhanced scheme to share success
As part of its ambitious business plan for 2020-25, South West Water is promising lower bills, improved service, better environmental protection and a stake and greater say in the company for customers, with an enhanced opportunity for extra rewards should South West Water beat its targets.
The plan, entitled ‘A New Deal’, follows South West Water’s biggest ever customer consultation and was submitted today (3 September) to Ofwat, the water industry’s economic regulator, as part of the industry’s five-yearly price review.
The New Deal, which will now be assessed by Ofwat, includes plans to:
Other highlights include:
A reduction in supply interruptions
Chris Loughlin, Chief Executive of Pennon Group Plc, parent company of South West Water, said: “Five years ago we set ourselves stretching performance commitments. Today, drinking water is top quality, leakage targets have been met, supply interruptions, sewer blockages and flooding have all been reduced and bathing water quality has hit record highs.
“South West Water is on track to deliver its 2015-20 business plan, but there’s always more to do. Our new business plan offers all-round improvements in what customers have told us they value most at a price they are prepared to pay.
“As customers have shaped our new plan and will be partners in its delivery, it’s only right that they should be offered a real stake in the business and a greater say in what we do and how we do it.
“That’s why, in 2020, we’re introducing a first-of-its-kind shareholder scheme for customers and a greater opportunity for them to hold us to account. In a natural evolution of our innovative WaterShare scheme, we will continue to share our success with customers.
“The New Deal is the next step forward for us, and represents a big leap forward for the water industry, putting more control into customers’ hands.”
Nick Buckland OBE, Chair of the WaterFuture Customer Panel (the independent panel of consumer and environmental stakeholders tasked with scrutinising and assuring South West Water’s development of the plan against customer wishes), said:“We believe this plan reflects the expectations of customers, delivering more of what matters to them and including a truly radical approach to empowering customers through the WaterShare share scheme.
“At every stage of the process the Panel has challenged and tested South West Water’s customer engagement and proposals.
“We are pleased that the company has responded by delivering an ambitious and progressive plan which will bring multiple benefits to people, communities, business, and the environment of the unique regions the company serves.”
To read the plan visit www.southwestwater.co.uk/newdeal
Member since: 27th February 2014
Hi, I am Colin Slade, I am the New Business Manager here at thebestof Exeter and I handle lots of the PR and News stories for our clients