Water industry regulator Ofwat says the majority of customers are still a considerable way from enjoying the full benefits in terms of price, service, and water savings expected from the business retail water market.
In an open letter to all trading parties in the business retail water market, Chief Executive Rachel Fletcher said progress in sorting out some of the key frictions remains slow and that Ofwat was aware of frustration amongst some trading parties on progress in key areas such as data quality.
The regulator was writing to remind market participants it sees the industry Codes Panel as playing a “hugely important role” in making the market work better for everyone - and ultimately, end customers.
The Panel is currently seeking nominations for new Members to be elected to the Panel for the 2019-2021 term.
During the 20 months since the Business Retail Water Market first opened, Ofwat has made a number of changes to the regulatory framework that underpins the Market. Further proposals are in the pipeline – Ofwat is currently consulting on proposals to amend the Retail Exit Code. The application process for prospective entrants into the market has also been updated.
A “steady flow of Code modifications” discussed at the Panel has resulted in over 40 decisions by the regulator on Code modifications which have been raised by a range of stakeholders including Trading Parties, MOSL or Ofwat.
However, Rachel Fletcher warns in the letter:
“Progress in sorting out some of the key frictions remains slow. We are aware of frustration amongst some trading parties on progress in key areas such as data quality, and in some cases we are aware that some within the industry have been frustrated at a lack of swift progress on code modifications.
The majority of customers are still a considerable way from enjoying the full benefits in terms of price, service, and water savings expected from the market.”
The regulator went on to say that in the run up to the second anniversary of Market opening, the spotlight will be on the Market and how it is performing, commenting:
“Everyone will need to step up their performance in order to meet customers’ expectations."
While Ofwat acknowledged the hard work that has been done to date, “we also recognise that, collectively, we have a long way still to go and there is much more to be done before the full benefits of a competitive market are to be realised”, the letter says.
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