Water companies support all aspects of life. Safe and reliable water and wastewater services are essential for our day to day lives, our wellbeing, and our natural world. Customers in England and Wales expect those services to keep improving, and for water companies to deliver benefits to the environment and wider society. Our 2019 price review set stretching targets to drive up performance over the next five years.
We’re now looking ahead to the 2024 price review and thinking about how we can encourage companies to build on progress to date. We’ll need to adapt, evolve and redesign our frameworks and processes so they are fit for the future. And, as in any industry, companies will also need to change if they are to keep up with customer expectations and deal with the challenges on the horizon.
To promote discussion and debate around our future regulation, we have established the Future Ideas Lab. This is a place for anyone to submit their ideas on how we should design future price reviews. We welcome contributions from all those with an interest in the sector. To inform thinking, we set out the future challenges and opportunities for the water sector in an accompanying discussion paper, PR24 and beyond: Future challenges and opportunities for the water sector.
We have published PR24 and beyond: Reflecting customer preferences in future price reviews, a discussion paper which considers how customer preferences might inform price reviews in the future. We welcome your views on the questions outlined in this paper, including if you are a stakeholder from outside the water sector with an interest in the role of customers in price reviews.
To inform our design of PR24, we are thinking about what we can learn from previous price reviews.
- We are calling for input into our PR14 review, which evaluates the impact it has had on the sector;
- We have published PR24 and beyond: Our reflections on lessons learnt from PR19, which explores what we have heard from the sector and our own reflections on lessons we have learnt to date.
PR19 reconciliation models
We have published models (‘PR19 reconciliation models’) we will use when we next set price controls in 2024 for how we will take reconcile companies’ performance during 2020-25.