Bosses from Britain’s largest water companies have been called to meet Labour environment secretary Steve Reed ahead of tomorrow’s draft determination.
Reed will meet the heads of Thames Water, United Utilities and other major water suppliers, according to Sky News and City AM.
The nature of the talks was not disclosed, but it comes on the eve of tomorrow’s high-stakes regulatory event, when Ofwat will determine water firms’ five-year investment roadmap and planned customer bill increases.
“In the coming weeks and months, this government will outline its first steps to reform the water sector to attract the investment we need to upgrade our infrastructure and restore our rivers, lakes and seas to good health,” Reed's spokesperson stated.
Controversy-plagued water companies have been lambasted for wanting to hike bills while sewage leaks continue to pollute Britain’s rivers and waterways while paying out handsome dividends to shareholders.
But higher bills may also be necessary to fix the creaking infrastructure that is responsible for these leaks.
Southern Water has asked Ofwat to sign off on a 73% bill increase, the largest proposed by all of Britain’s water suppliers.
UBS analysts forecast an average increase of £140 per year, or 31%, from £447 per average household currently.