23rd May 2023 08:27
(Alliance News) - Pennon Group PLC on Tuesday said that the UK water industry regulator Ofwat has launched an investigation into South West Water.
The Exeter, England-based water services company said the investigation relates to the accuracy of information reported by the company for its performance on leakage and per capita consumption.
South West Water is a part of Pennon Group.
"Ofwat sets performance targets for companies on leakage and PCC. Companies are assessed against these targets annually and can be penalised or rewarded, depending on their performance," Ofwat explained.
Pennon said that it will work "openly and constructively" with Ofwat to comply with the formal notice issued to South West Water as part of this investigation.
Pennon shares were down 3.1% at 796.50 pence each on Tuesday morning in London.
By Xindi Wei, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.