Water companies support all aspects of life. Safe and reliable water and wastewater services are essential for our day to day lives, our wellbeing, and our natural world. Customers in England and Wales expect those services to keep improving, and for water companies to deliver benefits to the environment and wider society. Our 2019 price review set stretching targets to drive up performance over the next five years.
We’re now looking ahead to the 2024 price review (PR24) and thinking about how we can encourage companies to build on progress to date.
In May 2021, we shared our ideas and ambitions for PR24 in PR24 and beyond: Creating tomorrow, together. We’ve set out four ambitions for what PR24 can achieve for customers and the environment, and principles for how we’ll approach and design the price review.
We will publish the PR24 draft methodology in summer 2022.
In PR24 and beyond: Creating tomorrow, together we’re proposing goals for what PR24 can achieve for customers and the environment, and principles for how we’ll approach and design the price review. We’re inviting views to be submitted to us by 5pm on Thursday 22 July 2021.
To inform our thinking for ‘Creating tomorrow, together’, in December 2020 we shared two previous discussion papers. PR24 and beyond: Future challenges and opportunities for the water sector reflected our initial thinking for how to deliver better outcomes for customers, the environment, and wider society. PR24 and beyond: Reflecting customer preferences in future price reviews considered how customer preferences might inform price reviews in the future.
We have published PR24 and beyond: Our reflections on lessons learnt from PR19, which explores what we have heard from the sector and our own reflections on lessons we have learnt to date.
PR19 reconciliation models
We have published models (‘PR19 reconciliation models’) we will use when we next set price controls in 2024 for how we will take reconcile companies’ performance during 2020-25.