Ofwat has this morning confirmed that a modification to English and Welsh water company licences has been made that would allow the 2024 Price Review final determinations to be confirmed in January 2025 if necessary.
The plan remains for final determinations to be announced on 19 December 2024, in accordance with the timeline announced when draft determinations were published in July.
The 2024 General Election meant that draft determinations were delayed by a month, and in response the stakeholder consultation period was condensed from nine to seven weeks to remain on track for December.
Under the existing licence conditions, the deadline for Ofwat to make final determinations was 31 December 2024. Following a consultation, Ofwat is now amending companies’ licences so that the final determinations could be made in January 2025.
Ofwat has indicated that a change to a January date would only take place if there were unforeseen circumstances. If it is decided that a date change is necessary, the regulator said this would be communicated “at the earliest opportunity.”
If implemented, the licence modifications would have the effect of moving the deadlines for PR24 back by one calendar month from 31 December 2024 to 31 January 2025.
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