Dŵr Cymru Welsh Water delivered its strongest operational performance ever in 2013-14 since becoming a non-shareholder-owned company in 2001, according to the company’s Preliminary Results published today.
Operating costs of £296 million were down from £298 million in 2013, while underlying profit rose by 72% to £50 million from £29 million in 2013.
During 2013/14 Welsh Water invested £354 million in capital projects and essential infrastructure. The company, which has a unique ownership model in the utilities sector, is planning to invest a further £344 million over the next 12 months, the final year of AMP5
The firm had the lowest average bill increase (of all water and sewerage companies) in 2013-14 for the fourth year running. After deducting RPI inflation, Dŵr Cymru’s average household bill is now lower than it was in the year before Glas Cymru took over the ownership of Dŵr Cymru in 2001. Glas Cymru has the highest credit rating in the UK utilities sector..
The company kept its annual price increase below the rate of inflation for the fifth consecutive year. Welsh Water has also confirmed that it returned an additional £43 million to customers in 2013/14 and is on track to return £136 million to customers between 2010 and 2015 by accelerating investment in its services, reduce bills and helping even more customers who struggle to pay their bills.
Glas Cymru Chairman, Bob Ayling, said:
“Last year was the best year for Dwr Cymru Welsh Water since it was acquired by Glas Cymru in 2001. With no private shareholders, Glas Cymru is a unique way to own a water company, where all gains go to customers. We have shown with the ownership structure that we can perform at least as well or better than our peers. Our prices have now fallen before inflation in five successive years and Ofwat rated us joint second for customer service. The company is well placed to continue delivering the high quality our customers expect at the most affordable price. With the best credit rating in the utilities sector and a sound financial footing, customers, now and in the future, will continue to benefit from lower bills and increased investment.”
The company’s latest investment programme includes building brand new water treatment works (Llyn Conwy (£15m) near Betws-y-coed, Alwen on the Denbigh Moors (£10m), Alaw (£17m) and Cefni (£15m) on Anglesey, Dolbenmaen (£28m) near Porthmadog and Bont-goch in Ceredigion (£9m). and develop innovative and industry leading surface water management techniques, such as RainScape in Llanelli, to help avoid sewer flooding.
Welsh Water recently received a draft determination of its Business Plan (2015-2020) from the industry regulator, Ofwat which proposes a 5% reduction before inflation in its average household water and sewerage bill by 2020 whilst maintaining record investment at £1.5 billion.
The average household bill will fall by £21 compared to current prices and will result in Dŵr Cymru customers benefiting from a decade of below-inflation increases by 2020.
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