Today the Utility Regulator has published our determination on the financial incentive for SONI’s Annual Forward Plan 2024/2025.
SONI published their Annual Forward Plan for 2024/2025 in September 2024. The Utility Regulator then asked for written submissions from stakeholders on their views of the plan and a workshop was held in November 2024.
The Evaluative Performance Framework (EPF), devised as part of the SONI 2020 to 2025 price control, allows for the evaluation of SONI’s performance by an independent panel of experts (‘The panel’).
The EPF framework aims to incentivise SONI to demonstrate collaboration with stakeholders, innovation, greater transparency and accountability in its operations in planning and performance reporting, ultimately to the greater benefit of the Northern Ireland consumers.
The panel conducted an evaluation of SONI’s Forward Plan, taking all evidence into account. The panel then submitted their recommendation report to us in December 2024 which we are publishing today.
Having considered the panel’s recommendation report, and all evidence, we have made our final decision to accept the panel’s grading of SONI and the subsequent financial incentive. The financial reward will be dependent upon the outturn performance report at year end. The £312k Forward Plan financial incentive may increase or decrease depending upon performance and output delivery against the plan.
We have written to both SONI and the panel to advise of our decision which we are publishing today.
Conclusion of EPF year 2023/2024
The final assessment of the current EPF year (2023/2024) commenced following publication of SONI’s Annual Performance Report for 2023/2024 in December 2024.
A call for stakeholder views and details of the stakeholder event will be published shortly. We aim to publish a report by April 2025 on SONI’s overall performance for the price control year 2023/2024.
Copies of all documents will be made available in large print, Braille, audio cassette and a variety of relevant minority languages if required.