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10 July 24

Affinity Water publishes annual results for 2023/24

Affinity Water has today 10 July published its annual results for 2023/24.

Highlights from the results include:

  • The achievement of 24 out of 28 performance commitment.
  • Continued improvement in customer service performance with leakage targets outperformed and our best ever reduction in customer supply interruptions.
  • Launch of a tariff trial with 1500 customers in Stevenage to explore if different ways of charging make bills more affordable and encourage water saving.
  • Affinity Water is on track to meet most of the five-year performance commitments for the 2020 – 2025 period and has invested £157.1m over 2023/24 to improve performance and enhance the environment.
  • We reduced leakage by 18% in the year, outperforming the in-year target of 17%. we are on track to achieve our commitment of a 20% reduction by 2025.

Affinity Water is on track to meet most of the five-year performance commitments for the 2020 – 2025 period and has invested £157.1m over 2023/24 to improve performance and enhance the environment. Leakage has been reduced by 18 % in the year, outperforming the in year target of 17%. This means that over the last two asset management periods (AMPs) a reduction of 35% has been achieved. Affinity is therefore on target to achieve the commitment of a 50% reduction by 2050.

Affinity did not meet its performance commitment for compliance risk index (CRI) in 2023, a measure of water quality. This shortfall results largely from two exceedances at Iver, the company’s largest water treatment works. Root cause analysis has identified the causes and the company has put in place measures to rectify the issues and to prevent their re-occurrence.

In a first for the water industry, Affinity launched a tariff trial on October 1 2023, which involved a group of around 1500 customers in Stevenage. The aim of the trial is to discover whether a different way of charging makes water bills more affordable and if it encourages water saving. The trial tariffs rise with consumption so that customers pay little for the water they need for everyday essential use, but as consumption rises, so that charges increase. It is estimated that two thirds of the customers in the trial will pay less for drinking water if their consumption remains the same.

In October 2023, the company submitted its business plan to Ofwat for 2025-30. This sets out how the company will provide a sustainable supply of water, whilst taking care of the environment, for the next five years.

Affinity also submitted its draft Water Resource Management Plan to DEFRA. Approval and publication of the final plan has also been delayed by the election and is expected later in 2024.

Commenting on the results, Affinity Water CEO Keith Haslett said:

“I continue to be extremely proud of the passion and dedication to serve our customers, which I see across the company. Over the last year, we have focussed on galvanising our three areas of operation, uniting our commitment to serving our region and taking care of our customers and the environment every day.

“We have seen some positive improvements in performance as well as some challenges and I have every confidence that we will continue to build on this strong performance in the coming year with a highly engaged workforce and delivering transformational activities for key operational areas of the business.”

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