Water Bills TO BECOME Cut By £50 Under Plans Outlined By Industry Watchdog

Customers will dsicover their water bills cut by £50 and companies must invest a supplementary £6 million every day over the next five years under plans unveiled by the water watchdog. Ofwat said its latest five-year price review is the “most far-reaching” ever carried out and will see £12 billion invested in addition to the usual costs and business spend.

Other new targets established under the review include slicing pollution incidents by more than a third, reducing source interruptions by almost two-thirds, assisting 1.5 million customers who are battling to pay and reducing leaks. She added: “They are seriously extending goals for the sector, but we know they can be achieved. Water companies will now react to Ofwat’s proposed plans and the regulator shall make a final decision in Dec.

Ofwat lately warned four water companies that it has “substantial concerns” over their business programs for the next five years. The UK’s biggest provider, Thames Water, alongside Anglian Water, Yorkshire Water and SES Water, have received characters from the watchdog contacting them to examine their cost proposals. It comes as the industry encounters extreme scrutiny, with Environment Secretary Michael Gove this week contacting in drinking water bosses for a gathering after their efforts to protect the surroundings were branded “simply unacceptable”.

Water firms also face the risk of potential re-nationalisation if Labour involves power, with the party uncovering programs to bring the industry under condition ownership lately. Labour wants to transfer the existing water and sewerage companies to new Regional Water Authorities. The EA said Ofwat’s plans are “broadly” in line with its recommendations. Tony Smith, chief executive of the Consumer Council for Water, cautioned the bill reductions may not benefit all customers, starting from cuts of £7 for Hafren Dyfrdwy to £110 for Northumbrian Water. He said: “Not everyone will see their bills fall when you add inflation and customers need to be told how much Ofwat’s financial rewards for companies could strike them in the pocket.

HOUSTON (Bloomberg) — U.S. 50, another sign that the nation’s shale boom is slowing. Yesterday, Helmerich & Payne Inc., the largest rig operator in the U.S., said it had received early termination notices for four contracts. Today, a second agreement driller, Pioneer Energy Services Corp., said four rigs early had been canceled.

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