Today we publish our determination on the financial incentive for SONI's performance for 2022/2023.
SONI published its Annual Performance Report for 2022/2023 in December 2023.
The Utility Regulator then asked for written submissions from stakeholders on their views of SONI’s performance and a workshop was held in February 2024, during which SONI presented its achievements against its Forward Work Plan for the year 2022/2023.
The Evaluative Performance Framework (EPF), devised as part of the SONI 2020 to 2025 price control, allows for the evaluation of its performance by an independent panel of experts (‘the panel’).
Having considered the panel’s recommendation report, and all evidence, we made our final decision to accept its grading of SONI and the subsequent financial incentive.
The financial reward includes consideration of SONI’s Forward Work Plan incentive, awarded in February 2023. The £208k performance financial incentive concludes SONI’s plan and performance assessment for the EPF year 2022-2023.
This reward was provided for within 2024/2025 tariffs.
We have written to SONI and have shared the letter separately with the EPF panel, to advise of our decision.