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Investing.com -- Pennon (LON:PNN) Group, a UK-based water utility, has announced the commencement of a rights issue at a reduced price.
This move comes in response to the acceptance of the final review by Ofwat, the water services regulation authority.
Pennon Group disclosed on Wednesday that it had accepted the final determinations for the 2025-30 period for its South West Water and Sutton and East Surrey businesses.
The company confirmed that it would not be seeking a reference to the competition watchdog.
The review entails an increase in investment, with capital expenditure set to rise to £3.2 billion ($3.98 billion). This is a significant increase from the £1.9 billion allocated for the 2020-25 period.
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