GIIA informs new UK House of Lords Ofwat report
We appeared before the Industry and Regulators Committee to make recommendations included in its latest water sector study.
Appearing before experts in the UK's Upper House over the summer as part of the Commitee's water inquiry, we flagged the need for greater clarity and consistency around the regulator Ofwat's strategic aims.
We highlighted that “there does not appear … to be a really solid, formal way of understanding the regulator’s performance against [Ofwat's Strategic Policy Statement]”, suggesting that such scrutiny could be conducted by a separate parliamentary committee.
Elsewhere we stressed the need for "a long-term view" and "a more flexible approach" within Ofwat's PR24 price review, especially given a backdrop of climate change and unpredictable weather events.
We also called for a move away from a regulatory approach that focusses on financial models of individual companies over outcomes.
The full report can be accessed on the Committee's website.