Severn Trent PLC SVT Statement re Ofwat's consultation on s13 proposal

  Severn Trent PLC (SVT) - Statement re Ofwat's consultation on s13 proposal

RNS Number : 8480R
Severn Trent PLC
23 November 2012
 



23 November 2012

 

 

Severn Trent Plc - Statement regarding Ofwat's consultation on section 13
proposal to modify companies' licences

 

Severn Trent has today written to Ofwat regarding the proposed changes to
Severn Trent Water's Licence, published on 26 October 2012.

 

Whilst Severn Trent Water is minded to accept Ofwat's proposed change to its
licence, the company believes it would be better if the current proposals were
modified.

 

In response to Ofwat's clarification note published earlier this week, the
company has made constructive suggestions to overcome concerns regarding the
prospect of losing 40 per cent of revenue from wholesale price controls and
lack of clarity about how future prices would be controlled.

 

The company believes that these suggested changes would still give Ofwat the
flexibility required to drive the significant reform of the industry which
Severn Trent continues to be supportive of.

 

Severn Trent publishes its Interim Results to 30 September 2012 on Tuesday 27
November.

 

 

 

 

Enquiries:

Tony Wray                     Severn Trent Plc       02477 715000
Chief Executive
Mike McKeon                   Severn Trent Plc       02477 715000
Finance Director
John Crosse                   Severn Trent Plc       02477 715000
Head of Investor Relations
Rob Salmon                    Severn Trent Plc       02477 715000
Media Relations
Anastasia Shiach/Martha Kelly Tulchan Communications 0207 353 4200

 

 

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
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MSCKLLFLLFFBFBE -0- Nov/23/2012 07:00 GMT