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| |  Price review 2009 |
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What are the major changes from PR04?
Since the price review in 2004 the following changes have been introduced:
- Long term forward look
- We will require companies to submit draft and final business plans for the period 2010 – 15, including a 25-year forward look. We will challenge companies to produce investment plans that are clearly part of a long-term cost-beneficial plan for consumers and the environment
- Strategic Direction Statements
- The strategic direction statement should set out for consumers, regulators and other stakeholders the direction of travel over the long term – say 25 years hence. It is an opportunity to set out the company vision clearly and show how it delivers for consumers and the environment.
- The statement should include at least the following:
- plans to deliver for consumers and the environment in the long term (i.e. at least 25 years ahead) including clean and safe drinking water and reference to the Water Sector Plan;
- the impact this has on, among other things, the management and stewardship of assets, and innovation;
- the approach to issues such as climate change and sustainability;
- consumers' priorities;
- the objectives of the long term charging strategy, how it is planned to achieve this and the implications for bills; the major risks and how these will be managed;
- how the strategy will be financed
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