Water industry regulator Ofwat has warned that ”constructive dialogue does not necessarily mean agreement” to describe its ongoing discussions with the fourteen water companies who have yet to receive their draft PR14 determinations for the upcoming AMP6 2015-20 investment programme.
The comments came last Friday in an analyst and investor call by Sonia Brown, Chief Regulation Officer at Ofwat, following the publication of draft determinations for Northumbrian Water and Dŵr Cymru Welsh Water, for which the companies now have five weeks to respond.
In April the regulator delivered enhanced status and draft determinations at the end of April for Affinity Water and South West Water.
Sonia Brown commented:
“We really can see how the combination of greater ownership of plans by company boards, customer engagement and challenge, and regulatory incentives is leading to better outcomes for customers in this review. Bills will be more affordable, more will be delivered and finance will continue to be attracted. This is critical for the sector as we all try to maintain trust and legitimacy with customers. “
Describing the latest draft determinations as the outcome of “a series of relatively modest interventions that we have made into Northumbrian and Welsh business plans”, Ms. Brown said that the process for the non-enhanced companies is different. Depending on how well the remaining fourteen companies respond to Ofwat’s concerns when they revise their plans on 27 June, some of the regulator’s interventions there “may be more significant.”
Commenting on the fourteen draft determinations Ofwat has yet to make, Sonia Brown concluded:
“Our approach will be the same – but the issues that were raised are more material for some of the companies. For example there are some companies where we have challenged their wholesale costs. The dialogue that we are having with all companies is constructive. It is important for me to be clear that constructive dialogue does not necessarily mean agreement.”
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