Utility giant Pennon has announced plans to extend its water share scheme to households in Bristol. The Exeter-based FTSE-250 firm, which owns Bristol Water, launched the initiative in 2020 to give its customers a greater say in how the business is run.
The WaterShare+ scheme gives households the choice between acquiring shares in Pennon Group or a one-off bill reduction up to the value of £13. The scheme is already available to South West Water and Bournemouth Water customers, with 500,000 Bristol Water customers now also eligible.
According to Pennon, the launch of the scheme in 2020 saw one in 16 households in the region become shareholders under WaterShare+. The company said the new phase of the scheme would see the group share around £20m in value with its customers.
Susan Davy, chief executive officer of Pennon Group, said: “We are pleased to be extending our WaterShare+ scheme to new customers across the South West, including Bristol Water customers for the first time.
"At a time when households across the UK are facing rising costs of living, we are proud to be the only water company to be offering such a scheme in which customers not only benefit directly and immediately, but have the opportunity to take a long-term stake and say in their region’s water company and shape how we move forward together.”
The scheme also includes an independent advisory panel established to represent customer views and enable transparent review of the water company’s business plan commitments, Pennon added.
Pennon Group acquired Bristol Water in 2021. Earlier this year, the competition and markets authority (CMA) cleared the Exeter company's £425m takeover of Bristol Water following a lengthy investigation.
In November, Pennon saw half-year profits slump by three quarters after it was hit by a doubling of power costs amid the UK energy crisis. It said pre-tax profits dropped by 75.1% to £22.5m in the six months to September 30, despite revenues rising by 9.3% to £425.5m.
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