GIIA water asks highlighted by cross-party Lords committee
Chair of the Industry and Regulators Committee Lord Hollick has flagged our recommendations regarding water investment in his latest letter to the Environment Secretary
The intervention follows our submission of in-depth evidence to the committee as part of its enquiry into the sector and Ofwat earlier in the year.
We stressed to the cross-party group that the current regulatory approach is storing up problems for the future, including the next generation, by prioritising lower bills in the short-term at the expense of long-term investment.
The committee’s letter reflects concerns we raised, including around the lack of investor confidence in the sector; the case for a new regulatory balance between bills and investment, as well as for a social tariff to protect the least well-off; and the need for long-term outcomes-based targets.
Responding to the development, GIIA CEO Jon Phillips said: “Climate resilience, net zero targets and a growing population are all adding to existing pressures on the water sector to modernise outdated infrastructure that no longer meets society’s expectations.
“For many years, the overriding priority has been to keep bills down rather than to invest in the long term.
"If we are serious about attracting record levels of new investment into the sector then we need a new approach, whilst ensuring protections are in place for vulnerable customers.”
Read more in today's i news.