At PR24, the water sector must deliver substantial change.
In our draft determinations, we’re setting out the biggest ever investment package to protect our rivers and seas, build new reservoirs, reduce leaks and raise the bar on company performance.
These draft determinations set the sector on the path towards long-term transformation, which will deliver better outcomes for customers and the environment.
Water companies in England and Wales submitted their business plans to us in October 2023, based on the methodology we set out in 2022.
We are consulting on our draft decisions and welcome responses before 12 noon on 28 August 2024. You can respond to our consultation here.
We expect to publish our final decisions on 19 December 2024. We ran a consultation on a proposed modification to companies’ licences that would allow Ofwat to delay final determinations until January 2025 if necessary. Read more about the approved PR24 licence modification.
Learn more about what our price reviews are.
Key documents
These are our core documents offering an overview of our draft decisions.
- PR24 draft determinations: Sector summary
- UK Government priorities and our 2024 price review draft determinations
- Welsh Government priorities and our 2024 price review draft determinations (English language) – updated 5 September 2024
- Welsh Government priorities and our 2024 price review draft determinations (Welsh language) – updated 5 September 2024
You can access the investor briefing documents below:
Technical appendices
We have published supporting documents and reports that provide further detail on our decisions.
- PR24 draft determinations: Our approach – updated 13 August 2024
- PR24 draft determinations: Quality and ambition assessment summary
- PR24 draft determinations: Delivering outcomes for customers and the environment
- PR24 draft determinations: Outcomes – Measure of experience performance commitments appendix
- PR24 draft determinations: Aligning risk and return
- PR24 draft determinations: Aligning risk and return appendix
- PR24 draft determinations: Aligning risk and return – Allowed return appendix
- PR24 draft determinations: Ofwat comments on cost of debt report submitted by Water UK
- PR24 draft determinations: Expenditure allowances
- PR24 draft determinations: Expenditure allowances – Enhancement Cost Modelling appendix
- PR24 draft determinations: Expenditure allowances – Base cost modelling decision appendix – updated 13 August 2024
- PR24 draft determinations: Expenditure allowances – Thames Water asset improvement gated allowance appendix
- PR24 draft determinations: Expenditure allowances – Assurance requirements for delivery of enhancement schemes appendix
- PR24 draft determinations: Total expenditure allowances – by company
- PR24 draft determinations: Accounting for past delivery
- PR24 draft determinations: Price control deliverables appendix
Supporting documents
- PR24 draft determinations: Major projects development and delivery
- PR24 draft determinations: Revenue forecasting incentive
- PR24 draft determinations: Response to consultation for RFI
- PR24 draft determinations: Your Water, Your Say report
- PR24 draft determinations: Representation proforma – updated 8 August 2024
- PR24 draft definitions: Glossary
Supporting reports
- Grant Thornton’s Review of Ofwat’s approach to setting ODIs at PR24
- Impact of COVID-19 on Per Capita Consumption
- CEPA frontier shift, real price effects and the energy crisis cost adjustment mechanism
- Europe Economics’ critique of Economic Insight reports on productivity and frontier shift at PR24
- Europe Economics frontier shift and outcomes stretch at PR24
- CEPA Cost of Capital report
- Professors Wright & Mason: ‘A Note for Ofwat on what the cost of debt means for the cost of equity’
- Professors Wright & Robertson: ‘Multifactor Models and Cost of Equity Estimates: An assessment of KPMG’s arguments’
Company-specific documents
Affinity Water
- Overview of Affinity Water’s PR24 draft determination
- Notification of the PR24 draft determination of price controls for Affinity Water
- PR24 draft determinations: Affinity Water - Quality and ambition assessment appendix
- PR24 draft determinations: Affinity Water – Outcomes appendix
Anglian Water
- Overview of Anglian Water’s PR24 draft determination
- Notification of the PR24 draft determination of price controls for Anglian Water
- PR24 draft determinations: Anglian Water - Quality and ambition assessment appendix
- PR24 draft determinations: Anglian Water – Outcomes appendix
Dŵr Cymru
- Overview of Dŵr Cymru’s PR24 draft determination – updated 24 July 2024
- Overview of Dŵr Cymru PR24 draft determination (Welsh language) – updated 24 July 2024
- Notification of the PR24 draft determination of price controls for Dŵr Cymru
- PR24 draft determinations: Dŵr Cymru - Quality and ambition assessment appendix
- PR24 draft determinations: Dŵr Cymru – Outcomes appendix
Hafren Dyfrywy
- Overview of Hafren Dyfrdwy’s PR24 draft determination
- Overview of Hafren Dyfrdwy PR24 draft determination (Welsh language)
- Notification of the PR24 draft determination of price controls for Hafren Dyfrdwy
- PR24 draft determinations: Hafren Dyfrdwy - Quality and ambition assessment appendix
- PR24 draft determinations: Hafren Dyfrdwy – Outcomes appendix
Northumbrian Water
- Overview of Northumbrian Water’s PR24 draft determination
- Notification of the PR24 draft determination of price controls for Northumbrian Water
- PR24 draft determinations: Northumbrian Water - Quality and ambition assessment appendix
- PR24 draft determinations: Northumbrian Water – Outcomes appendix
Portsmouth Water
- Overview of Portsmouth Water’s PR24 draft determination
- Notification of the PR24 draft determination of price controls for Portsmouth Water
- PR24 draft determinations: Portsmouth Water - Quality and ambition assessment appendix
- PR24 draft determinations: Portsmouth Water – Outcomes appendix
SES Water
- Overview of SES Water’s PR24 draft determination
- Notification of the PR24 draft determination of price controls for SES Water
- PR24 draft determinations: SES Water - Quality and ambition assessment appendix
- PR24 draft determinations: SES Water – Outcomes appendix
Severn Trent Water
- Overview of Severn Trent Water PR24 draft determination
- Notification of the PR24 draft determination of price controls for Severn Trent Water
- PR24 draft determinations: Severn Trent Water - Quality and ambition assessment appendix
- PR24 draft determinations: Severn Trent Water – Outcomes appendix
South East Water
- Overview of South East Water’s PR24 draft determination
- Notification of the PR24 draft determination of price controls for South East Water
- PR24 draft determinations: South East Water - Quality and ambition assessment appendix
- PR24 draft determinations: South East Water – Outcomes appendix
South Staffs Water
- Overview of South Staffs Water’s PR24 draft determination
- Notification of the PR24 draft determination of price controls for South Staffs Water
- PR24 draft determinations: South Staffs Water - Quality and ambition assessment appendix
- PR24 draft determinations: South Staffs Water – Outcomes appendix
South West Water
- Overview of South West Water’s PR24 draft determination
- Notification of the PR24 draft determination of price controls for South West Water
- PR24 draft determinations: South West Water - Quality and ambition assessment appendix
- PR24 draft determinations: South West Water – Outcomes appendix
Southern Water
- Overview of Southern Water’s PR24 draft determination
- Notification of the PR24 draft determination of price controls for Southern Water
- PR24 draft determinations: Southern Water - Quality and ambition assessment appendix
- PR24 draft determinations: Southern Water – Outcomes appendix
Thames Water
- Overview of Thames Water’s PR24 draft determination
- Notification of the PR24 draft determination of price controls for Thames Water
- PR24 draft determinations: Thames Water - Quality and ambition assessment appendix
- PR24 draft determinations: Thames Water – Outcomes appendix
United Utilities
- Overview of United Utilities PR24 draft determination
- Notification of the PR24 draft determination of price controls for United Utilities
- PR24 draft determinations: United Utilities - Quality and ambition assessment appendix
- PR24 draft determinations: United Utilities – Outcomes appendix
Wessex Water
- Overview of Wessex Water’s PR24 draft determination
- Notification of the PR24 draft determination of price controls for Wessex Water
- PR24 draft determinations: Wessex Water - Quality and ambition assessment appendix
- PR24 draft determinations: Wessex Water – Outcomes appendix
Yorkshire Water
- Overview of Yorkshire Water’s PR24 draft determination
- Notification of the PR24 draft determination of price controls for Yorkshire Water
- PR24 draft determinations: Yorkshire Water - Quality and ambition assessment appendix
- PR24 draft determinations: Yorkshire Water – Outcomes appendix
Change log
The below change log sets out the changes to the draft determinations document set since publication on 11 July.
- PR24 draft determinations change log – last updated 5 September 2024