The Board of Glas Cymru, which owns Welsh Water, has today confirmed that it has changed the structure of the Glas Cymru Group following approval from its Members at a recent Extraordinary General Meeting and a Scheme of Arrangement in the High Court.
The creation of a new holding company for the Group - namely Glas Cymru Holdings Cyf - will hold the existing Glas Cymru Group and enable the potential creation of new subsidiary companies, joint ventures and other commercial activities.
Announcing the modernisation of the Glas Cymru structure, the Board said the changes will enable the company to respond more effectively to changes within the water and wastewater sectors.
The Board has also separately reaffirmed its commitment to safeguarding Welsh Water’s not-for-profit model and its core purpose to provide the most essential of public services to customers at the best possible price.
Dŵr Cymru Welsh Water serves most of Wales, Herefordshire and parts of Deeside. Unlike other water companies, it does not have any shareholders.
Welsh Water’s assets and capital investment are financed by bonds and retained financial surpluses. The business model aims to reduce Welsh Water’s asset financing cost, the water industry’s single biggest cost. Its customer reserves now stand at nearly £2 billion, having grown more than ten-fold since Glas Cymru (in its original form) acquired Welsh Water in 2001. Its financial gearing ratio is now down to 57%.
Welsh Water has £26 billion network of assets.
The Glas Cymru Members voted in favour of the proposed changes to the Group’s structure at an Extraordinary General Meeting on 22 February. With no shareholders, the 74 independent members carry out an important corporate governance role. For this reason membership is personal and Members are not appointed to represent any particular group or stakeholder interest.
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