31 January 2019
PENNON GROUP PLC
PR19 Business Plan Qualifies for Fast Track status
Ofwat has today announced, following a detailed assessment of the 2020-25 business plan of Pennon Group's subsidiary, South West Water, that its business plan has qualified for 'fast track' status.
South West Water is the only water and sewerage company to have achieved fast track status for two consecutive price reviews.
South West Water submitted its five-year business plan to Ofwat in September 2018, following its biggest ever customer consultation, which showed a public approval rating of at least 88% for the plan and received the support of the independent WaterFuture Customer Panel.
Ofwat has stated that it will publish draft determinations for fast track companies in April 2019.
A webcast will be held at 11.30am on Friday 1 February to discuss the assessment and next steps in the PR19 process.
This webcast can be accessed through the following link:
An on-demand replay will be available at the same link shortly following the presentation.
A conference call facility is also available. Dial-in details are shown below and the access PIN is 1607051.
UK toll free: 0800 358 6377
UK local: +44 (0)330 336 9125
For further information, please contact:
Chief Financial Officer
Director of Corporate Affairs and Investor Relations
Investor Relations Officer
Cautionary statement in respect of forward-looking statements
Certain statements in this announcement are forward-looking statements relating to the Group's operations, performance and financial position based on current expectations of, and assumptions and forecasts made by, management. They are subject to a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of the Group to differ materially from any outcomes or results expressed or implied by such forward-looking statements. The Group's principal risks were described in the 2018 Pennon Group Annual Report which can be viewed online at http://annualreport.pennon-group.co.uk/. Such forward looking statements should therefore be construed in light of such risks, uncertainties and other factors and undue reliance should not be placed on them. They are made only as of the date of this announcement and no representation, assurance, guarantee or warranty is given in relation to them including as to their accuracy, completeness, or the basis on which they are made. No obligation is accepted to publicly revise or update these forward-looking statements or adjust them as a result of new information or for future events or developments, except to the extent legally required. Nothing in this Statement should be construed as a profit forecast.
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