Yorkshire Water intends to take the financial pressure off West Yorkshire’s households as it announces customer bills will not be as high as planned for the next financial year.
Tomorrow it will also share plans to keep bills at this lower level from 2015-20.
The company’s bills are already lower than the national average and it has committed to do even more in response to the financial pressure that households in West Yorkshire are facing.
But following concerns about rising household costs, it has decided not to push ahead with the planned 2014-15 price increase agreed with industry-regulator Ofwat in 2009.
This means that next year the average household bill in Yorkshire will be in line with the current rate of inflation, with the average bill being £373, £6 lower than planned.
The company will also be publishing plans on Monday to keep bills at this lower level from 2015-2020.
Richard Flint, Yorkshire Water’s chief executive, said:
“Over the last eighteen months, we have listened to the views of more than 30,000 customers to help shape where we invest over the next five years, and how that will impact on customer bills.
“Yorkshire Water bills are already lower the national average but we are committed to doing even more to help our customers.
“The overwhelming message is that they don’t want to see any deterioration in service but that they want us to keep bills as low as possible.
“We understand the pressures on households and that’s why we’re planning to keep bills in line with inflation for the next six years.
“This is a challenging plan that we are confident we’ll deliver through prudent financial management, sharing company efficiencies with customers and by reducing our returns to investors.
“Of course, we still need to invest in essential equipment and maintenance in order to ensure we continue to provide our five million customers with the quality of service they expect, and we’re committed to doing this by proposing to invest more than £3.8 billion between 2015 and 2020.
“This will also provide a welcome further boost to the regional economy.”