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Southern Water has proposed to keep bill rises 3.2 per cent lower than the rate of inflation in the period from 2015 to 2020.
In its revised business plan, submitted on Friday, the water company also agreed to adhere to regulator Ofwat’s proposed overall average cost of capital (WACC) of 3.85 per cent.
The water company had proposed an increase of 1.5 per cent below inflation in its original business plan submitted to the Ofwat in December last year.
Matthew Wright, Southern Water’s chief executive, said: “We have worked hard to respond to Ofwat’s feedback on our plan and this means we can now provide even better value for money for our customers. We believe our proposals strike the right balance between the need to deliver the improved services customers want, cater for a growing population in our region, safeguard the environment and make sure bills are affordable.”
The water company has also committed to making £200 million in efficiency savings between 2015 and 2020.
Ofwat is due to publish a final determination on Southern Water’s plan in December 2014.
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