Register with us for free to get unlimited news, dedicated newsletters, and access to 5 exclusive Premium articles designed to help you stay in the know.
Join the UK's leading credit and lending community in less than 60 seconds.
Ofwat has called on water companies to improve their plans to secure reliable water services over the coming decades.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
It comes after each water company has developed draft Water Resource Management Plans to set out how they ensure water needs are met up to 2050 and protect the environment.
Although this would see more infrastructure delivered to increase supply and manage demand, the regulator is challenging companies to develop more creative and innovative ideas and ensure they deliver the best value for customers. Ofwat has also said companies need to demonstrate how improvements will be delivered and the costs are efficient.
As part of its assessments of each of the companies’ plans, Ofwat has called on companies to drive better long-term solutions and deliver improved value to achieve the best outcomes for customers and the environment.
Ofwat chief executive David Black said: “Customers depend on companies to provide reliable water supplies. This requires companies to prepare properly for population growth and the impact of climate change.
“Our assessment of draft plans shows that companies have more work to do to develop their proposals to meet future challenges. Companies must take the opportunity to revisit and strengthen their plans.
“However, we were encouraged by the level of collaboration companies have shown in delivering a first set of regional plans, in addition to their area-specific plans and look for more of this as they develop their final proposals.”
Are you prepared for the challenges the utilities and telecoms industry is going to face in the coming years? Join us at Utilities and Telecoms stream at the 2023 Credit Summit to find out what’s in store.
Get the latest industry news