Portsmouth Water has accepted Final Determination from Ofwat
Portsmouth Water has today officially accepted the PR24 Final Determination from Ofwat, confirming the company’s largest ever investment plan will begin from April 2025.
This means that Portsmouth Water will not be seeking to refer its plans to the Competition and Market Authority and remains focused on delivery of its ambitious strategy to protect water for generations to come.
During the period 2025-2030, Portsmouth Water has committed £377 million to safeguard water for the communities it supplies, enhance the local environment and keep bills affordable.
Portsmouth Water will remain the most efficient water company, delivering the lowest water bills in England and Wales while investing for the future.
Bob Taylor, CEO Portsmouth Water
Bob Taylor, CEO of Portsmouth Water said:
“In this area, we’ve historically enjoyed a plentiful supply of water, but our rapidly growing population and less predictable climate, means this is changing. We need to step up and heavily invest to be ready for the challenges we are facing. By 2075, we estimate that we will be supplying up to a third more people, so this investment is critical to maintain the highest levels of service and provide the support our environment needs.
Our plan across the next five years is ambitious, but one we are confident we can deliver. We will make the best use of the water we have by reducing leaks and supporting customers to save water with meters, alongside the delivery of Havant Thicket Reservoir, the first major new reservoir in a generation. Meanwhile we remain dedicated to ensuring water remains affordable for all.”
Notes to editors
Ofwat’s price review process sets the price controls for water companies in England and Wales. The PR24 price review process covers the period from 2025 to 2030. Portsmouth Water, working closely with customers and stakeholders, first submitted its business plans to Ofwat for examination in October 2023. Ofwat have ensured that our plans meet legal and environmental obligations.
PR24 has set performance targets, measuring the level of service provided by Portsmouth Water. All water companies must report annually on how it’s performing against their individual targets.
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