11th Nov 2021 18:11
Severn Trent PLC - Coventry, England-based water company - UK watchdog Ofwat confirms GBP67 million to be returned to UK customers as a result of the performance of water companies compared to 2020-21 performance commitments. Thames Water and Southern Water will return GBP53 million and GBP46 million to their customers. However, Severn Trent Water to receive GBP25 million outperformance payment, Ofwat says.
The measures are part of the watchdog's outcome delivery incentives plan to improve standards. Water companies have a monopoly of the area they cover, so unhappy customers cannot shop around.
"For Severn Trent Water and Portsmouth Water we have agreed to defer some ODI payments," Ofwat adds.
Current stock price: 2,814.00 pence
Year-to-date change: up 23%
By Eric Cunha; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Severn Trent