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South Staffs Water has become the latest water company to accept its final determination set out by Ofwat.
In a statement, the company said it has “carefully considered” the price review set out by the regulator and “on balance decided that it is in our customers’ best interests to wholly devote our focus to delivering the required performance set before us in by the final determination”.
Ofwat’s final determination allows South Staffordshire Water to receive revenues of £542.9 million (over the period from 2015 to 2020), and means that average bills in 2019-20 will be £129, which is 3 per cent lower than current average bill levels (of £133), before allowing for inflation.
South Staffs Water’s decision follows a number of other water companies, including United Utilities, Affinity Water, and Anglian Water in accepting the final determinations, which were set out by Ofwat on 12 December.
Severn Trent has also accepted the final determination from Ofwat, but at the same time said that it will slash its dividend by 5 per cent at the same time.
Bristol Water is the only company so far to reject the final determination from Ofwat, a move which will see the case referred to the Competition and Markets Authority (CMA).
The deadline for a company to accept the final determination is 12 February.
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