South West Water has said it will redistribute £20 million that it earnt for outperformance during AMP6 with its customers in the form of credit or a share.
From Monday billpayers will be invited to choose between £20 in credit to their water bill or as a share in parent company Pennon as part of its WaterShare+ scheme. As part of South West’s 2020-25 “New Deal” business plan customers who opt for a share will have a greater say in how the business is run.
The company has said customers of South West and Bournemouth Water are also invited to take part in customer-led panel meetings from January and quiz directors on progress against plans.
Susan Davy, newly appointed Pennon Group chief executive, said: “This innovative scheme is about doing the right thing, ensuring our customers remain at the heart of our service and success. Driven by our values and guided by what customers want, we hope WaterShare+ will build new levels of trust and transparency.
“Society expects water companies to do more than deliver the basics. WaterShare+ is one of the ways we’re rising to the challenge. It symbolises who we are as a business, supporting the lives of people and the places they love for generations to come.”
Chris Loughlin stepped down as chief executive following the completion the sale of Viridor. Former chief financial officer Susan Davy was named as his successor in July as part of a major restructure of the board.
Loughlin previously told Utility Week WaterShare+ gives billpayers a stake and a voice in the company and that they can build on the number shares they hold.