The UK Water Services Regulation Authority announced on Tuesday that water and wastewater companies in England and Wales will have to return £114 million to customers next year.
Oftwat said this was due to under-performance from the ‘majority’ of water and wastewater companies, noting that no company was ranked in the ’leading’ category this year and that fewer than half of companies achieved their performance target on reducing pollution.
‘The targets we set for companies were designed to be stretching - to drive improvements for customers and the environment. However, our latest report shows they are falling short, leading to £114 million being returned to customers through bill reductions,’ said Ofwat Chief Executive David Black.
The rebate will come off customers’ bills for next year.
Shares in London-listed water companies fell in the wake of the news. United Utilities was down 0.3% on Tuesday morning, while Severn Trent was down 0.5% and Pennon was down 0.9%.
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