Pennon will not appeal final regulatory settlement

15th Dec 2014 07:54

South West Water (SWW) owner Pennon Group says it will not challenge a final settlement on its pricing and investment plan imposed by UK utility regulator Ofwat.Pennon said the so-called final determination would result in a 13% real-terms reduction in prices for customers from 2014 - 2020.Ofwat classed the plan as "enhanced" and fast-tracked it for an early draft determination earlier this year."Pennon Group is pleased to announce that SWW will not be applying for the final determination received from Ofwat on 12 December relating to its business plan to 2020 to be referred to the Competition and Markets Authority," it said in a statement."This brings to a close a successful price review process for South West Water," Pennon said.