What is WaterFuture?
Every five years, water companies submit their investment plans and proposed charges to the industry regulator Ofwat.
This is known as the Price Review. The most recent Price Review was in 2019 and determined prices for the period 2020-2025. South West Water refers to this as WaterFuture and for the period 2020-25, this incorporates Bournemouth Water. The development of the plan was overseen and challenged by an independent WaterFuture Customer Panel.
Our Business Plan
Our business plan for the period 2020-25 has been submitted to Ofwat, the water industry regulator.
The plan must reflect what we need to do to meet statutory and legal obligations determined by Directives such as the European Union’s Bathing Waters or requirements set out by our regulators like the Environment Agency and Drinking Water Inspectorate. The plan must also reflect what is important to our customers.
Ahead of submitting the 5 year plan we set out our long term vision.
Once our plan is submitted to Ofwat – it is assessed before Ofwat issue its Draft and Final Determination of each company’s plan which sets price limits over the five years.
It is important to remember funds for investment do not come through central or local government. Every company must finance its investment proposals with revenue from customers and by attracting large scale investors such as pension funds and banks.
Companies carry out research on what customers and stakeholders such as councils and the business community see as priorities and investigate their ‘willingness to pay’.
Each company outlines its vision of the challenges it faces and its priorities before submitting a Business Plan including its own ideas to improve customer services and protect the environment. Ofwat studies these and the effect on charges before issuing its Draft and Final Determination of each company’s plan which sets price limits over the five years.
Water Resources Management Plan
For details please visit Water Resource Management Plan