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Annual water bills to rise 21% by 2030, Ofwat declares
Water bills are expected to rise by £19 per year to fund investment into Britain's ageing infrastructure, Ofwat has declared. It means the average household water bill across the UK will increase from £441 to £535 by 2030, an increase of 21%.
Severn Trent, Pennon and UU braced for watchdog's pricing and dividend decision
Next Thursday, UK water companies will hear from the regulator how much they can raise prices over the next five years and what level of dividends they can pay. There are expectations that when it announces the ‘draft determination' for the UK water industry on 11 July, Ofwat wants to allow a handful of the most debt-laden utilities, like Thames Water, to pay lower potential fines for sewage dumping to allow time for them to “recover”.
Pennon boss banks 60% pay rise just weeks after Devon diarrhoea outbreak
Pennon has revealed that under-fire boss Susan Davy got a pay rise of almost 60% last year just weeks after the water group caused a major diarrhoea outbreak at the Devon town of Brixham. Davy's basic salary rose by 3.5% to £492,000 in the year to end March 2024, but on top of that, the chief executive received £298,000 from a long-term share scheme set up in 2021, taking the total to £860,000.
Pennon boss's salary to bring sewage into the election debate
Pennon's annual report next week comes just weeks after subsidiary South West Water apologised for a diarrhoea outbreak at the Devon fishing town of Brixham. Add in the repeated incidences of sewage dumping around some of Britain's most revered coastlines and inland waterways and how much boss Susan Davy is taking home in pay will be under close scrutiny.
Water companies pick up as Ofwat mulls "recovery" regime
Water shares improved on reports that regulator Ofwat wants debt-laden utilities to have potential fines for sewage dumping reduced to allow time for them to “recover”. According to the reports, Ofwat intends to draw up a regime to enable water companies that need a major financial restructuring such as Thames Water to keep going but under tighter regulatory scrutiny.
Here's why Pennon Group, United Utilities, Severn Trent stocks slumped
British utility companies' stocks continued their freefall this week as concerns about their margins escalated. Pennon Group's (LON: PNN) share price tumbled for four straight days and reached its lowest swing since October last year.
Water firms seek to raise bills up to 91% despite rampant sewage dumping
Sewage pollution controversies and contentious shareholder payouts have not stopped privatised water companies across England and Wales from lobbying for sweeping bill increases in the coming years. According to the BBC, Southern Water is asking the Consumer Council for Water (CCW, which is a sub-department of Defra), to allow a 91% increase in bills over the next five years.
Water firms seek to raise bills up to 91% despite rampant sewage dumping
Sewage pollution controversies and contentious shareholder payouts have not stopped privatised water companies across England and Wales from lobbying for sweeping bill increases in the coming years. According to the BBC, Southern Water is asking the Consumer Council for Water (CCW, which is a sub-department of Defra), to allow a 91% increase in bills over the next five years.
‘No positives' in Pennon results as shareholders flag dividend worries
South West Water owner Pennon Group PLC (LSE:PNN, OTC:PEGRY) offered “no positives” in its annual earning statement today, said analysts at UBS. Underlying earnings came below UBS estimates of £171 million and the company-compiled consensus of £174 million.
‘No positives' in Pennon results as shareholders flag dividend worries
South West Water owner Pennon Group PLC (LSE:PNN, OTC:PEGRY) offered “no positives” in its annual earning statement today, said analysts at UBS. Underlying earnings came below UBS estimates of £171 million and the company-compiled consensus of £174 million.
U.K. water supplier Pennon sees bigger losses, smaller dividends — and one parasitic water bug
British water utility Pennon said it was “working tirelessly around the clock” to fix a contaminated water incident in the county of Devon as it revealed bigger annual losses and a higher net debt, while announcing it is trimming its dividend to reflect a fine for sewage dumping.
South West Water owner cuts dividend in face of pollution offences
South West Water's parent company Pennon Group PLC (LSE:PNN, OTC:PEGRY) navigated a series of widely publicised water offences in its Devon and Cornwall treatment areas in today's annual earnings report with a multimillion-pound dividend reduction. In March 2023, regulator Ofwat announced new powers to stop water companies from declaring dividends if they would risk the company's financial resilience.
