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Our business plan was submitted to the water regulator in June 2014 following an in-depth customer consultation exercise which involved getting the views of more than 24,000 customers and 90 organisations such as
Citizens Advice - our biggest ever consultation with customers.
Our business plan set out how we expect to perform against
nine long-term promises that we developed in consultation with customers. This consultation with customers was overseen by an independent customer scrutiny group which submitted its views on the plan.
Ofwat published its final decision in December 2014 which explained the levels of bills and the service levels it required between 2015 and 202. These are our agreed performance commitments.
The business model developed at privatisation has been effective over the past 25 years and has brought significant benefits for customers and the environment. Now is the time for a change to a new business model. The industry needs a new sustainable direction and we offer exactly that with our business plan.
In the period up to 2020 we will:
Returns to our shareholder through dividends will be reduced, and our shareholder is accepting greater risks in the implementation of this challenging plan.
As well as sharing with customers the efficiencies we have delivered in the last five year period we are taking further steps as part of a new business model, including: