Annett will be succeeded by finance director and co-creator of the company’s not-for-profit model Chris Jones.
Underlying profit of £29 million in the year ending 31 March 2013, up from £7 million the previous year, will be reinvested. Some £140 million of value has been returned to customers since 2010 in the form of adopting private sewers, funding accelerated investment and social tariffs.
Responding to recent calls from Ofwat and the Consumer Council for Water on water companies to share gains with customers, Annett noted that Welsh Water’s ownership structure means all gains are retained for customers. “These gains are significant,” he said.
The company boasts the lowest average bill increase in the country for a third year running and a drop in real terms since its formation in 2001.
Jones started his career working on nationalised industries and privatisation at the Treasury and did spells at consultancy National Economic Research Associates and South Wales Electricity before joining Welsh Water in 2001.
He said he was “honoured” to be taking over as chief executive at “an important time for the water industry in Wales”.