Ofwat will issue its draft determinations on water company business plans for 2025-2030 a month later than planned – on Thursday 11 July.
The regulator is reviewing whether the final determinations, due in December, will also have to be delayed.
Ofwat’s initial response to the PR24 plans had been scheduled for publication on 12 June. However, the announcement of a general election earlier this week has derailed the timeline, as predicted by Utility Week. As a non-ministerial government department, Ofwat is covered by pre-election guidelines which advise against significant announcements during an election campaign.
Confirming the delay, Ofwat insisted that the price controls set as part of PR24 will still come into effect from 1 April 2025 despite the month-long delay to draft determinations.
However, it said it was “currently looking into the impact the date change will have on the rest of the price review process”. The ‘Your Water, Your Say’ engagement meetings planned for the draft determinations will be rescheduled, Ofwat confirmed.
Price control director Chris Walters told Utility Week earlier this year that companies should expect greater change between draft and final determinations than in previous cycles.
He said at the time: “It has been a measure of quiet pride that draft determinations are pretty much final determinations to get it right the first time.
“But it is clear that legal requirements – particularly around environmental commitments – that governments in England and Wales have not said everything they need to say about that right now.”
Companies submitted their draft business plans in December and have already revised them in response to initial feedback from Ofwat. The total requested spend across the sector is £100 billion.