Thames Water revises five-year business plan following criticism from regulator Ofwat over cost-efficiency | City A.M.

Thames Water has submitted its revised five-year business plan after regulator Ofwat slammed the company for failing to meet cost-efficiency standards.

The utility firm said it today handed over an improved plan, which includes commitments to reduce combined bills by 1.3 per cent an increase base cost efficiency by 22.5 per cent per customer.

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The company also outlined plans to reduce pollution and cut down on water supply interruptions.

The move comes after Thames Water’s initial five-year plan, published in September, was criticised by Ofwat for falling “significantly short” of the regulator’s expectations.

Thames Water was one of four providers to be singled out for censure by Ofwat as part of the ongoing price review process, while only three firms were given the green light for their plans.

Thames Water said it has “overwhelming customer support” for the new plan, which covers 2020 to 2025.

Chief executive Steve Robertson said: “We remain committed to the principles which underpinned our plan in September: Doing the right thing for customers and the environment amid population growth and climate change.

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“We’ve also listened to more valuable feedback from our customers, stakeholders and regulators and stretched our performance and efficiency targets to produce an even better plan.”

Last week Thames Water unveiled plans to invest £1bn in new technology for its water and waste operations in a bid to bolster efficiency.