Ofwat has released a new strategy today and according to them, the new strategy will deliver a longer-term change across England and Wales.
“The goal of these changes meant that English and Welsh customers and the wider community will benefit from a step change in company performance, a more resilient and reliable supply of water, and an increased focus on public purpose”.
To summarise Ofwat’s strategic goals:
1st to transform water company performance for customers. Policies included are:
-open data playing a “central role” in driving innovation
-improving complaints handling
-new licence obligations on how the vulnerable are treated.
2nd for water companies to meet long term aspirations, which will be set on resilience, the environment and service. Ofwat says the environment will be elevated to be an “integral part of everything we do”
3rd for water companies to serve a wider public purpose. Ofwat to develop a framework to evaluate social and environmental value, consider a licence commitment and incentivise adoption
Price review changes include
-less intervention for water companies with a strong track record
-some activities considered outside the Price Review
-more consistent approach to customer engagement and consideration of how 5-year Price Reviews align with long tern aspirations
For more information on Ofwat’s new strategy, click HERE!