Ofwat has published a revised timeline for its draft decisions on the water companies’ AMP8 Business Plans - the PR24 draft determinations will be published on 12 July, followed by a seven week consultation which will close at 12 noon on 28 August 2024.

Ofwat is anticipating publication of its PR24 final determinations at 7am on 19 December 2024. However, the regulator is currently exploring “all available avenues” for extending the backstop date that would allow Ofwat to issue PR24 final determinations no later than 31 January 2025, if required.

The rescheduled timeline follows Ofwat’s announcement on 24 May that it was delaying the publication of its draft price control determinations for the water sector from 12 June until Thursday, 11 July 2024 because of the general election on Thursday 4 July.

The regulator has also confirmed that general election and related Cabinet Office Guidance for civil servants) means that that it does not plan to engage with any individual companies on any aspect of their PR24 draft determinations ahead of publication on 11 July.

However, Ofwat says it recognises the benefit of company-specific engagement iimmediately after

the draft determinations are published and plans to arrange a one-hour meeting for each company during weeks commencing 15 and 22 July to provide an early opportunity for discussion of the PR24 draft

determinations.

The regulator is also planning to hold webinars in the week commencing 15 July for company and government/regulator representatives to explain aspects of its PR24 draft determinations.

Ofwat will then publish the presentation shared at each webinar and a record of the questions asked during each meeting, and its responses – this is with the aim of improving the accessibility of draft determinations to all stakeholders, including customers.

In an information notice published this morning about the revised timeline Ofwat says:

“We recognise that the changes to the PR24 timetable present challenges to all parties, including ourselves. We appreciate efforts being made by companies, and other key stakeholders in the water sector, to adapt to this change in circumstances.

“We also recognise the importance of not delaying the date for publication of our final determinations, unless necessary, given the scale of investment proposed for the PR24 period and the associated benefits to customers and the environment. Therefore, in our revised proposals we are anticipating that we will publish our PR24 final determinations on 19 December.

“However, we recognise that the timetable is tight and so we are exploring all available avenues for extending the backstop date that would allow Ofwat to issue PR24 final determinations no later than 31 January 2025, if required. This would involve a modification of existing licences: we are exploring the option of issuing a consultation on a licence modification, in parallel with that on our draft determinations.”

In order that the Ofwat 'Your water, your say' YWYS meetings can take place after the regulator has published the draft determinations, the meetings have been re-organised as follows:

• The meetings will take place virtually:
• For customers and stakeholders of water companies in England: Tuesday 23 July, 2- 4pm.
• For customers and stakeholders of water companies in Wales: Wednesday 24 July, 2- 4pm.

Ofwat says that it is contacting everyone that had registered for the initial meeting dates to explain the revised arrangements and that registration for the July meetings “will open very soon.”