The provider's proposed price increases for water and wastewater from July 1 2023 to June 30 2028 exceed the figure set by the territory's economic regulator in a draft decision earlier this year.

The Independent Competition and Regulatory Commission in October directed that the average household consuming 200kL of water should see their bills increase by $50 in 2023-24, or 4.2 per cent per annum over the regulatory period.

Responding to the regulator's draft decision, Icon Water proposed that water bills for average households increase by 6.5 per cent per annum over the regulatory period.

That projection works out to $1.67 per week in 2023-24, totaling a sum of $86.84.

"We acknowledge the challenging environment, and we are doing everything we can to keep prices as low as possible," Icon Water managing director Ray Hezkial said.

"Higher inflation and other operational cost pressures continue to impact prices and are driving a significant portion of the increase in water and wastewater prices," Mr Hezkial said in a statement.

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The water provider also said it was working proactively to plan for its ageing infrastructure, the challenges of climate change, a growing ACT population, and changing government policy.

"The Icon Water submission proposes a sensible, rigorously assessed investment program that focuses on renewing and upgrading critical infrastructure to ensure continued quality services for our community whilst laying a sustainable platform for future generations," Mr Hezkial said.

"If we delay investment now it will reduce prices slightly over the next five years, but it will be more costly in the long run, and it means future generations will have to pay higher prices."

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