Today we publish our determination on the financial incentive for SONI’s performance for 2023/2024.
We are also able to confirm the overall incentive amount, which results from the combined effect of the Forward Work Plan and the performance gradings.
SONI published its Annual Performance Report for 2023/2024 in December 2024
The Utility Regulator then asked for written submissions from stakeholders outlining their views of SONI’s performance.
A workshop was held by the Utility Regulator in April 2025, during which SONI presented its achievements against its Forward Work Plan for the year 2023/2024.
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, known as the EPF Panel.
Having considered the EPF Panel’s Recommendation Report, and other evidence available to us, we have arrived at our final decision to accept the EPF Panel’s grading of SONI’s Performance and the resulting overall grading and financial incentive.
The financial reward includes consideration of SONI’s Forward Work Plan incentive, awarded in February 2024.
The £128k overall financial incentive concludes the assessment cycle for EPF year 2023/2024. This reward will be provided for within 2025/2026 tariffs.
We have written to SONI (and shared the letter with the EPF panel) to advise of our decision.