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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The US Centers for Disease Control and Prevention or CDC has ended recommendations for social distancing and quarantine with a view to minimize covid-19's impact on persons, communities, and health care systems. The agency also ended recommendation for test-to-stay in schools, CNN noted. Healthcare major Johnson & Johnson, which is in the middle of a talcum powder fiasco, said it is discontinuing talc-based JOHNSON'S Baby Powder globally in 2023. The company plans to transition to an all cornstarch-based baby powder portfolio. According to the company, the commercial decision to use cornstarch in all its baby powder products was made after conducting an assessment of its portfolio Walt Disney's streaming service Disney+ is rolling out its much-anticipated new ad-supported subscription plan for Disney+ in the U.S. as part of its bid to stem the loss and make its streaming business profitable after the services posted a hefty operating loss of more than $1 billion in the third quarter. It is also raising pricing for its bundled subscription plans with Hulu, ESPN+ and live TV.
Follow RTT