Cathryn Ross, chief executive of Ofwat
, said: "The next decade will see profound changes in customers' expectations and we are pushing the water sector to be at the very forefront of that.
Under the plans, which set limits on the prices that customers in England and Wales will pay for water between 2020 and 2025, Ofwat
said it is proposing to set the so-called cost of capital that has a direct bearing on bills at a record low of 2.
The contract would then run until final determinations in december 2019, With a period of knowledge transfer and support for ofwat
in the event of any appeals to the competition and markets authority on final determinations materialise afterwards.
At present, consumers have no choice over which water companies supply their households and Ofwat
said that more competition would "prevent water customers being left behind in a retail revolution".
reportedly expected new efficiency savings from the average household's annual bill of GBP39, between 1995 and 2000, but this fell to GBP11 annually for the period 2010 to 2015.
The report claims that Ofwat
chairman Jonson Cox is likely to say that the regulator has closely monitored the cost of borrowing and believes water firms can borrow money cheaply thanks to ultra-low interest rates, Warrington-based UU has already pledged to cut customers' bill by 4.
should be looking to save money spent on expensive consultants and instead invest in its existing staff to build on their existing knowledge and skills.
said it would "intervene where we think customers need to be protected".
The next news from Ofwat
will be in March and relates to those companies which will be fast-tracked.
should help you then with negotiations with Northumbrian Water to resolve your dilemma when the analysis results have been confirmed.
A spokesman for Ofwat
said: "Customers have a right to expect that their water company meets its commitments.
3% behind its target over the last financial year and Ofwat
has said it will be monitoring its performance closely in the future with a view to taking action if the leakage target is missed again.