South West Water tells customers of first year £3.1m Y1 WaterShare benefits
South West Water has informed its customers that they are already reaping the benefits of its innovative WaterShare scheme. The mechanism, a key plank of the company’s PR14 settlement, helps it to share the benefits of success fairly between its customers and investors in a timely way.
£3.1m is being invested from 2015/16 outperformance, on top of planned investments. South West Water regulatory director Iain Vosper told THE WATER REPORT when we covered WaterShare in detail in our January edition that £2.6m of this came from outperformance on the cost of new debt. He said: “We are passing 100% of this benefit back to customers. That’s a very positive message.”
The extra funds are being spent on:
• the creation of 22 new jobs in the Exeter call centre;
• extra assistance for vulnerable customers, particularly those in social housing;
• extra measures to encourage meter uptake; and
• working with communities to reduce sewer blockages in hotspot areas by raising awareness of what not to flush or pour down toilets and sinks, and working with the Environment Agency and Cornwall Wildlife Trust to reduce the risk of pollution.
For full details of WaterShare, see THE WATER REPORT January 2017 edition.