(Reuters) – Britain’s water regulator Ofwat on Tuesday set out the final methodology for its upcoming price review covering the 2025-2030 period, including new environmental commitments for companies and steps to promote better customer services.
The framework for the next price review – PR24 – includes a fund of up to 100 million pounds ($122.9 million) to boost new approaches towards water efficiency.
The price review framework also includes potential performance-related pay measures to protect customers’ interests if companies do not meet expectations on dividends and executive pay policies.
“Significant improvements are needed to drive down water demand, improve customer service and reduce pollution incidents,” Ofwat Chief Executive Officer David Black said in a statement.
Black also said companies had fallen short of expectations of customers and communities, and urged firms to take up innovative steps in water management while setting up a 300-million-pound innovation fund.
($1 = 0.8135 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi Aich)
