One in 16 households opt for Pennon shares offer over bill rebate

One in 16 households in South West Water’s region have taken a stake in its parent company, Pennon Group, under a scheme which shares the water firm’s success with its customers.

Under its WaterShare+ scheme, South West Water invited its billpayers to choose how they would like to receive their cut of a £20 million pot, earned by the company’s outperformance over the past five years. South West reported that “tens of thousands of customers” decided to take shares in Pennon rather than receive a £20 credit on their next bill.

The scheme is part of South West Water’s 2020-25 New Deal, which emerged the company’s “biggest ever” consultation.

Pennon’s chief executive officer, Susan Davy (pictured), said: “This landmark step for a listed utility opens up a new kind of share ownership scheme for customers, connecting them with their water company in a way that has never been done before.”

From January next year quarterly meetings of the WaterShare+ Advisory Panel, will enable customers to “hold South West Water directors to account on progress against plans.”