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Southern Water pays chief £183,000 bonus after proposing 73% rise in customer bills (www.ft.com)

submitted 2 months ago by [email protected] to c/[email protected]

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Southern Water had asked regulator Ofwat to approve a 73 per cent rise in household bills over the five years to 2030 before inflation, but in proposals published last week, the regulator put forward a 44 per cent rise for Southern. It believes the company can deliver services to its 4.2mn customers in south-east England at “less cost than it requested”.

It also told the company to rewrite its “inadequate” business plan, saying it did not meet “minimum” standards.

In its annual report last week, Southern revealed it had awarded chief executive, Lawrence Gosden, a £183,000 bonus for the year to March 31, increasing his total pay for the year to £764,000. Stuart Ledger, chief financial officer, was given a £128,000 bonus, taking his total pay to £610,000. None of the executives were paid bonuses in the previous year.
[…]
According to the Consumer Council for Water, Ofwat’s proposed increase for Southern would raise average household bills from about £451 per household per year to £722 by 2030, after annual inflation of 2 per cent is included. The regulator will make a final ruling on how much the water companies can put up their prices by the end of the year.

Southern swung from a £202mn profit to a £210.9mn loss in the year to the end of March 2024, as a result of higher energy, labour and financing costs. It is liable for a £54mn fine if it fails to resubmit an improved business plan by Christmas. It is also on Ofwat’s financial health watch list, along with Thames Water and South East Water.

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