cost of living crisis

Latest in cost of living crisis

CCW has reported on progress made in the 12 months since it published its affordability review and made a renewed call upon UK and Welsh governments to take necessary steps to implement a single social tariff ahead of the next price review period. It praised efforts made by the sector to make support more accessible but highlighted the pressures the cost of living crisis is putting on household finances.
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Yorkshire Water shareholders have agreed to provide £15 million of new funding to support households who are struggling to pay bills amid rising cost of living. The assistance is intended to help the 10,000 people now contacting the company each month about bill support, many of whom would not qualify for existing means-tested schemes.
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Utilities must “not lose empathy” as the financial pressures on customers continue to mount, according to water and energy leaders. This extended summary details the concerns and aspirations of industry executives as they seek to improve their understanding of and response to vulnerability.
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Anglian Water has unveiled plans for a "hugely ambitious" wetlands programme, comprising 26 sites across its region that will be used to naturally remove nitrates and phosphates from wastewater without the need for chemical dosing. The plans were announced as the company reported its largest ever single-year capex programme in its financial results for 2021/22, which also included a net penalty of £8 million on outcome delivery incentives after it missed pollution and flooding targets.
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This week's roundup of national news coverage includes reports of households resorting to ‘buy now pay later’ loans to cover bills amid reports that a windfall tax on energy giants would not harm UK pension pots, but separately that such a tax would fail to deliver the desired relief to billpayers. Scottish Power’s Keith Anderson warned of a ‘horrific winter’ for customers if the government does not majorly intervene and elsewhere delays in renewables projects threaten the pace of net zero.
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As inflation rises it will “flatter shareholder returns” and “in turn question the legitimacy of the sector”, Jonson Cox has warned water companies, as he suggested shareholder returns could grow by 65% over the next three years. The outgoing chair of Ofwat warned that: "We talk about citizen science but I’m sure we will have citizen finance too.”
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