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Water regulator imposes £50 average price cut on bills Water firms forced to cut bills by £50 by 2025
(30 minutes later)
Ofwat, the UK water regulator, says it wants household bills cut by an average of £50 by 2025. Water firms in England and Wales will have to cut the average bill by £50 over the next five years, under plans published by the industry regulator.
The move is part of its approval of a massive investment plan for water companies, which will spend £51bn in the next five years. The move is part of water regulator Ofwat's approval of a huge investment plan for water companies, aimed at improving their performance.
It wants water companies to cut water lost to leaks by 16%. The regulator also wants water firms to cut water lost to leaks by 16%.
"Now water companies need to crack on, turn this into a reality and transform their performance for everyone," said Ofwat chief executive Rachel Fletcher. Oftwat chief executive Rachel Fletcher said it was "firing the starting gun on the transformation of the industry".
"Now water companies need to crack on, turn this into a reality and transform their performance for everyone," she added.
The framework, which comes into effect on 1 April 2020, has been hammered out over the course of this year. The draft determinations were set out in July.The framework, which comes into effect on 1 April 2020, has been hammered out over the course of this year. The draft determinations were set out in July.
Building work will include a new reservoir in Hampshire and the construction of a pipeline connecting water supplies from North Lincolnshire to Essex, said the regulator.Building work will include a new reservoir in Hampshire and the construction of a pipeline connecting water supplies from North Lincolnshire to Essex, said the regulator.