New ‘integrated regulator’ should replace Ofwat and drive ‘fundamental reform’ of the water sector, review finds – business live

The Independent Water Commission’s final report sets out recommendations for reform to improve the water sector regulatory system in England and WalesOne of the Independent Water Commission’s most important recommendations is the creation of a new integrated water regulator for the sector in England, and a single water regulator in Wales.These new body would replace Ofwat, the criticised regulator which the Guardian reported on Friday was to be abolished.A single regulator would be able to oversee all operations of a water company from all angles and come to a ‘whole firm view’ of performance issues and compliance failures – some of which may interrelate and may not have been adequately understood in the current model, where cooperation between regulators is limited. This could deliver greater accountability in the regulatory framework with one organisation and one board responsible and accountable for the outcomes of the sector.Although a merger inevitably presents uncertainty in the short-term, in the long-term it should create greater stability overall for the regulatory system – establishing the clear and objective conditions necessary to attract investment.This sector requires fundamental reform on all sides – how we manage the demands on water, how the system is regulated, how companies are governed and how we manage the critical infrastructure on which we all rely.It may sound academic, but it is profoundly important. A clear set of national priorities for water – covering the water industry, agriculture, land-use, energy, transport, housing development – is essential. Without it, we will continue to be dogged by inconsistency, short termism, unintended consequences and risk willing the ends without ever fully understanding the means required.a long-term, cross-sector strategy for water.the modernisation of the legal framework for waterregulatory changes, including a new integrated regulator for watergreater transparency in areas such as operator self-monitoring and scrutiny of water company reportingthe introduction of a single social tariff, to improve affordability and customer serviceChanges to the economic regulation of water companies, including “a company-specific supervisory function” that would feed into the current price review structureNew national resilience standards for infrastructure, to help guarantee the maintainance of underground pipes and other water and wastewater assets Continue reading...

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