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< EDF Energy sets out procurement timetable for new nuclear reactors | British Gas to recruit 2,600 engineers for smart meter roll-out >
Scottish water regulator proposes to cut household bills from 2010
Scottish water regulator Wics is proposing to cut household bills by 1.5 per cent below inflation each year from 2010 and cut almost £260 million from Scottish Water's four year 2010-14 spending plans.
In its draft determination Wics has cut £114 million from the company's drinking water programme and £66 million from its environmental improvement schemes.
Wics is proposing to extend the next price control period by a year to 2015 to make it a five year plan, bring Scotland into line with England and Wales and improve forward visibility of its work programme. Investment would also be reduced to £480 million a year, a more manageable and efficient rate of spend, Wics said.
Although there are currently no plans to move Scottish Water from public ownership, and the Scottish Government has pledged to provide the £140 million a year funding required, the draft determination allows Scottish Water to raise commercial debt if necessary. The assumed cost of capital is 4.1 per cent, well below the rate investors are hoping Ofwat will set when it publishes is draft determinations for the English and Welsh companies on 23 July.
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