IB 02/16: Ofwat publishes reconciliation updates

Ofwat has today published an update to its 2014 price review (PR14) reconciliation rulebook. It provides updates on two main areas: its treatment of the capital expenditure incentive scheme (CIS) and the wholesale revenue forecasting incentive mechanism (WRFIM). It also covers water trading incentives.

The update follows Ofwat’s publication of its PR14 reconciliation rulebook in July 2015.

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Notes for Editors

  1. The Water Services Regulation Authority (Ofwat) is the economic regulator of water and sewerage companies in England and Wales. Its role is to help the sector build trust and confidence with customers and wider society. It exercises its powers in a way that it judges will protect the interests of consumers, promote value and safeguard future resilient water and sewerage services by allowing efficient companies to carry out their functions properly, and finance them.
  2. Ofwat’s reconciliation rulebook is intended to provide clarity on how Ofwat expects to make financial adjustments, when it next sets prices in 2019, to reflect companies performance during 2015 – 2020.
  3. The updates can be found on www.ofwat.gov.uk
  4. Media enquiries to Ofwat Press Office on: Benedict Fisher 0121 644 7642 / pressofficeteam@ofwat.gsi.gov.uk