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Saturday, June 07, 2008, 07:00
The company, which already charges the highest rates in the UK, yesterday announced operating profits up almost a fifth (17.8) per cent to £185 million.
In February it declared it was raising prices to an average of £700-per-year to pay for improvements in the water system in the region. The average bill in London is just £275.
Paddy Ryan, of the Devon Pensioners' Action Forum, called on senior citizens to “take to the streets” to protest against the falling value of their pensions.
He said: “The pension is being constantly undermined by increases in the cost of living, such as with our Council Tax.
“Our pension is declining in value, while the profits of the utility companies are soaring.
“Pensioners are paying these bills, but cutting back on essential items.”
Linda Gilroy, MP for Plymouth Sutton, said that it was time for South West Water to put the needs of its customers first, particularly during tough times for many families.
She added: “The company needs to recognise the serious choices that customers face.
“In the past they have put the environment first and also their shareholders.”
Mrs Gilroy called on South West Water to limit their price rises to the rate of inflation for the “next year or two”.
The Herald's website has been inundated with comments from customers angry at the big rise in SWW profits.
The company has defended its results, saying greater efficiency contributed to its bumper windfall, not just the increase in tariffs for ratepayers.
February's price rise, which took effect in April, has heaped more pressure on low-income families, already struggling to pay all their bills.
South West Water yesterday said the rises were needed to fund its continued improvement plans for the drinking water system.
The company is saying that the South West has seen the benefits of the hundreds of millions of pounds it has invested over the past 20 years.
Chief executive Chris Loughlin said the company understood the pain of consumers.
He added: “We are very aware that household bills are under stress. Customers are getting fantastic value from the investment we are putting into place.”
He added that the company had also managed not to pass on much of the increased fuel and energy costs the company was facing.
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A revamped swimming pool at Marjon is being considered as the replacement for the demolished Seaton pool, rather than having a new facility built in the north of the city.
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