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Severn Trent and South West Water accept Ofwat's final determination UPDATE
South West Water and Severn Trent Water have both announced that they will accept Ofwat's decisions on prices for 2010-15, ahead of next week's Competition Commission appeal deadline.
Severn Trent said it would have to cut dividends by around ten per cent at the end of the first year of the period. Chief executive Tony Wray told Utility Week that the company's new business plan was "sustainable and credible" and represented certainty for investors.
South West Water, part of the Pennon group, also announced it would accept the deal. Chief executive Chris Loughlin said: "This is a tough settlement and to deliver the necessary network and service improvements will involve prioritising some schemes, being more flexible and rigorously reducing costs within the company and our supply network."
Five other water companies have already accepted Ofwat's final determination on prices for the next five years, with several announcing changes at the top. Anglian, Northumbrian, Yorkshire, Welsh Water and South East have all given the green light to the final determination, which Ofwat published on 26 November. Companies have until 26 January to lodge an appeal.
Anglian said it would accept Ofwat's ruling to reduce average household bills by £28 over the next five years. The company said current chief executive Jonson Cox will become deputy chairman of the Anglian Water Group. Peter Simpson, currently chief operating officer, will take over running the company as its new managing director.
Northumbrian announced the appointment of Heidi Mottram as its chief executive. Mottram will join the company on 1 March from Northern Rail, where she has been managing director for five years.
She will formally take up her new position on 1 April when the current chief executive, John Cuthbert, retires.
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