Both the water sector and the regulator are facing "a challenging few years" with the opening of the retail market for business customers by April 2017, the 2019 price review, introducing new markets for sludge and water resources and potentially preparing for legislation and the introduction of a residential retail market in England, according to Ofwat's annual report and accounts for 2015/16.
Commenting in the report, Chief Executive Cathryn Ross Chief Executive said Ofwat had ensured that the non-household retail sector continues to be viewed as a sustainable and attractive investment opportunity for investors. In opening up a new market to competition, the regulator would create new opportunities for investors to enter the sector, she said.
Ofwat is expecting between 30 to 40 retailer licence applications next year with the advent of the new business retail market which remains on track to open in April 2017.
Cathryn Ross also said the regulator was pleased that Ofwat’s original proposal for directly procured approaches to delivering large infrastructure projects had culminated in the licence award for the Thames Tideway Tunnel, describing the project as setting a new frontier in terms of the financing at lowest sustainable cost of major infrastructure.
Ofwat is expecting that each Thames Water customer wil l save £45 - £50 a year on average amount by the mid-2020s after procurement of the Thames Tideway Tunnel Previous forecasts had predicted the impact of the tunnel on average bills would be £70 to £80 - the impact is now expected to be much lower than this: about £20 to £25 per year by the mid-2020s (or a saving of about £45-£50 a year).
The regulator also flagged up increased confidence amongst its own employees - the report says a majority- 70% - now say they have confidence in the leadership of Ofwat – compared with just 31% in 2013.
Click here to read the report in full
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