Sharing our success
We are busy delivering our 2015-20 business plan, which got a top rating from economic regulator Ofwat and was shaped by our biggest ever consultation with customers. The plan, which can be viewed here, includes spending about £1billion to maintain and improve services and a Price Promise to peg average household bills below inflation.
Our plan includes an innovative scheme called WaterShare which enables us to share our success with customers in a more open and timely way. If we outperform our business plan there are financial benefits which are shared with customers. If we underperform, customers are protected.
An independent WaterShare panel, which meets three times a year, scrutinises our performance against the current business plan, and reviews and challenges our recommendations on how any benefits should be shared with customers. Sharing could either be through reinvestment to improve customer service or bill reductions.
Separately, to guide and test the development of our next business plan, from 2020 to 2025, we have established a WaterFuture Customer Challenge Group. Details can be viewed here.
Open and transparent
We have a strong track record of being efficient and sharing our success with customers, but this was not as visible as it could have been - up to now. WaterShare provides improved visibility of our performance and how customers benefit from our success. We plan to be even clearer and more transparent in future as we further develop this industry-leading initiative for customers.
Earning and sharing benefits
In 2015/16, the first year of our five-year regulated business plan, we performed better than expected and earned a £3.1m benefit which is being passed back to customers as reinvestment in improving services.
WaterShare Panel - Terms of Reference
The Terms of Reference sets out the overall purpose and responsibilities of the WaterShare Panel.
The WaterShare Panel protects the interest of customers by providing an independent review.
The panel minutes from all the previous meetings.