We report on our performance each year in our annual report and accounts.
Our 2022-23 annual report includes a description of the work we carried out during the year to fulfil our statutory responsibilities. It also includes the accounts for the operation of the Water Services Regulation Authority (Ofwat) under International Financial Reporting Standards (IFRS). They have been prepared on an accruals basis in accordance with the Government Financial Reporting Manual (FReM).
Our duties are laid out primarily in the Water Industry Act 1991 as amended (WIA91). We are directly accountable to Parliament and the National Assembly for Wales.
Awdurdod Rheoleiddio Gwasanaethau Dŵr (Ofwat) – Adroddiad blynyddol a chyfrifon 2022-23
2022-23 overall performance
We want the water sector to improve life through water for today’s customers, and customers of the future. That means driving the best outcomes for customers and the environment while keeping bills affordable, acting to ensure companies meet their responsibilities with long term resilience, protecting the environment for future generations with a sector that remains attractive to investors. Our strategy, Time to act, together, explains how we drive progress in these areas.
We regulate the industry through a variety of tools, including our price reviews that take place every five years. We carry out our functions to fulfil the duties set out in legislation and in accordance with the priorities set by the UK and Welsh Governments.
In the report, we discuss the water sector’s performance for customers in 2022-23. We are focused on benefits for customers, society and the environment and so are reporting on the industry’s performance against our four customer outcomes from our Forward programme 2022-23.
We also report against our own performance in driving improvements for customers, society and the environment. These are set out against our strategic goals from our strategy.
Innovation fund annual report 2022-23
We have a£200 million innovation competition fund to encourage innovation to transform water and wastewater services. In July 2023 we published our first ‘Ofwat innovation fund: annual report‘ to reflect on the progress of the Ofwat Innovation Fund since its launch in 2021, with case studies and analysis showing where the fund has made an impact and changes in the water sector. It also seeks to highlight where further improvements could be made in innovation performance in the water sector and outlines our next steps to continue enabling a culture of innovation through the fund.