Ofwat’s Price Review 24 draft determinations are proposing to make up to £1.21 billion available to fund development expenditure costs for RAPID Strategic Resource Options (SROs) over the 2025-30 period.
Ofwat’s Price Review 24 draft determinations are proposing to make up to £1.21 billion available to fund development expenditure costs for RAPID Strategic Resource Options (SROs) over the 2025-30 period.
Image: latest map of RAPID SROs, reflecting draft determinations.
The Regulators’ Alliance for Progressing Infrastructure Development (RAPID) said that compared to the 2019 Price Review, the 159% increase in funding demonstrates a strong commitment to back the biggest package of water supply projects since the privatisation of the sector.
RAPID said the funding will allow the Alliance to expand its role helping the sector to respond to long-term water resource challenges while promoting the best interests of water users, society and the environment.
RAPID is now asking water companies to identify further mitigating actions and enabling works that would prevent SRO delivery timelines from being delayed, such as early land acquisition or purchasing of raw materials that will be needed for construction.
As a result, the overall funding for SRO development expenditure costs may be increased when the Price Review 24 final determinations are published in December, RAPID said.
RAPID is proposing to add four SROs to the RAPID programme, allowing them to benefit from additional regulatory support and oversight. Below is
These draft determinations are now out for consultation. We welcome engagement on the draft plans ahead of the final determinations being published.
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