- Water utility Pennon said it had accepted a UK regulatory ruling for its South West Water unit that included a total expenses allowance of around £2bn.

The original determination was published in December by regulator Ofwat for the period 2020-2025.

'Importantly for customers, by 2025 South West Water bills will be lower than they are today and lower than they were 15 years earlier,' Pennon said.

The company said its current dividend policy expired in 2020 and that it planned to announce a new policy by its full-year results announcement, scheduled for 4 June.

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