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Pennon's South West Water In Ofwat Investigation; Stock Down

Shares of Pennon Group PLC (PNN.L) were losing around 7 percent in the morning trading in London after the British water utility company announced the ongoing Ofwat investigation into sewage treatment works.

Ofwat has announced that South West Water, owned by Pennon, will now be included alongside the five companies which received formal notices in March 2022.

The UK Water Services Regulation Authority is investigating how water and wastewater companies manage their wastewater treatment works.

Pennon said it will continue to work openly and constructively with Ofwat to comply with the formal notice issued to South West Water as part of the ongoing investigation.

In London, Pennon shares were trading at 999.55 pence, down 6.58 percent.

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