15 May 2014
The Water Act last night received Royal Assent. Welcoming the Water Act, Cathryn Ross, Ofwat’s Chief Executive, said:
“We warmly welcome the Water Act. The measures that the Government has brought in are good news for customers – including the environment – and the economy. They will mean better services for customers, more efficient use of water resources and greater resilience in the face of drought and population growth.
“The reforms in the Act complement and support the changes we are making to the way we regulate. Together, the changes brought in by the Act and our changes to regulation will boost the UK economy by more than £4 billion.
“We look forward to working with customers, Government, companies, other regulators and NGOs to maximise these benefits.”
The Act should be welcomed by investors, as it provides opportunities for well-run water companies to outperform the proposed regulatory settlement under the 2014 price review.
Notes to editors
- The Water Services Regulation Authority (Ofwat) is the economic regulator of water and sewerage companies in England and Wales. It exercises its powers in a way that it judges will protect the interests of consumers, promote value and safeguard future water and sewerage services by allowing efficient companies to carry out their functions properly, and finance them.
- Water and sewerage services in England and Wales are delivered by appointed private companies who hold a monopoly position for regulated supplies within defined geographical boundaries.
- A copy of the Water Act 2014 can be read here.
- Media enquiries to Ofwat Press Office on:
Benedict Fisher 0121 644 7642 / firstname.lastname@example.org
Harbinder Babra 0121 644 7616 / email@example.com