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.
Producers may cut brief another 50 to 60 agreements, relating to Bloomberg Intelligence analyst Andrew Cosgrove. Oil fees tempt recession-scarred U.S. DENVER, Colorado (Bloomberg) — U.S. ’s the wrong time to raise their costs just. 16 billion in 2013 in the U.S. This season Many are likely to expose similar expenses, based on the National Conference of State Legislatures in Denver.
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WESTPORT, Connecticut (Bloomberg) — Oil prices have almost bottomed out and “some recovery” is likely by the next half of the entire year as demand accumulates, commodity hedge fund manager Andrew J. Hall informed traders. 40/bbl range in 2015, to “an absolute price floor close, ” the comparative mind of Astenbeck Capital Management composed in a Jan. 2 letter obtained by Bloomberg News.
A significant amount of U.S. Canadian production can’t cover the money costs of operating at that price, he said. Bibby Subsea indications vessel contract with Bordelon Marine HOUSTON Bibby Offshore’s Houston centered division, Bibby Subsea has agreed upon a three calendar year agreement with Bordelon Marine to charter a new vessel. Oil exports from U.S.