Water Services Regulation Authority (Ofwat), the entity responsible for economic regulation of the privatized water and sewerage industry in England and Wales, has finalized its price review for 2020–2025 by confirming a major investment program to improve services for customers and the environment.
Ofwat has revealed a spending package of £51 billion (€61 billion/$68 billion) for the next five years. A quarter of this, around £13 billion (€15 billion/$17 billion), will be investment dedicated to providing resilient services and a better environment in the face of a growing population and climate change.
Customers will also see a reduction in average bills of about £50 (€60/$67) before inflation. The regulator has secured this by demanding greater efficiency, passing through lower financing costs and promoting more innovation.
Ofwat has set new levels of service so water companies transform their performance over the next five years. These include:
