PREVIEW-Water firms could see dividend pressure next week

* OFWAT sets price increases for 2010-15, July 23

* Analysts looking out for returns permitted

* Returns seen coming in just below company requests

* Dividend pressure if returns and capex out of kilter

By Ben Deighton

LONDON, July 15 (Reuters) - Water companies could see dividend pressure next week if the sector's regulator permits them to make returns which do not match their capital expenditure plans.

Every five years the water regulator OFWAT rules on how much money the companies can make, and on July 23 it will issue its draft opinion for the period 2010 to 2015.

Water companies are seen as reliable dividend stocks, but as the economic recession puts pressure on revenues, next week's prices ruling by OFWAT could force some companies to cut payouts to shareholders.