South West Water’s parent company, Pennon Group, has announced it will be sharing £20 million with its household customers for the second time following the launch of the second issuance of WaterShare+ last week.
The scheme, available to around 1.4 million customers of South West Water, Bournemouth Water and Bristol Water, is the only one of its kind in the water sector in the UK.
The launch by the FTSE 250 company is the first opportunity for 0.5 million customers of Bristol Water, acquired by Pennon Group in 2021, to become shareholders through the unique scheme.
Initially launched in 2020, WaterShare+ gives customers an opportunity to have a greater say in how the business is run, ensuring ever greater accountability and transparency. Information about the scheme has been sent to customers, with formal registration now open.
Building on the successful launch in 2020, which saw one in 16 households in the region become shareholders, under WaterShare+ all customers will benefit to the value of £13. This amount can be taken as a one-off bill reduction, or as a share in Pennon Group, to become a company shareholder. The new phase of the scheme will see Pennon Group share approximately £20 million in value with its customers.
The scheme also includes an independent advisory panel established to represent customer views and enable transparent review of the water company’s business plan commitments, helping boost transparency and trust between customers and their water company.
Susan Davy, Chief Executive Officer of Pennon Group, said:
“We are pleased to be extending our WaterShare+ scheme to new customers across the South West, including Bristol Water customers for the first time. At a time when households across the UK are facing rising costs of living, we are proud to be the only water company to be offering such a scheme in which customers not only benefit directly and immediately, but have the opportunity to take a long-term stake and say in their region’s water company and shape how we move forward together.”
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