Ofwat
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Ofwat response to PAC report published today
Consumers expect to receive high quality sustainable water services at a fair price. Ofwat protects consumers by keeping prices down, driving improved service and where companies fail to deliver taking effective action.
Without Ofwat's work, the average water bill would be £90 per annum higher today than it is. In the last decade leakage has gone down by a third. Where companies have not delivered, we have taken action to protect consumers.
The action we took against Thames Water for failing to meet its leakage target last year was the best outcome for consumers. We agreed a legally binding undertaking that committed the company to invest, at shareholders expense, an extra £150 million - more than twice the maximum fine we could have imposed.
We agree with the PAC that metering is the fairest way of charging for water. Metering encourages consumers to think about the water they use and to save water and money.
Notes to Editors:
1. The Water Services Regulation Authority (Ofwat) is the economic regulator of water and sewerage companies in England and Wales. It exercises its powers in a way that it judges will allow companies to carry out their functions properly, and finance them. Its duties include protecting the interests of consumers, wherever appropriate by promoting effective competition.
2. The PAC report, 'Ofwat: Meeting the demand for water', was issued under an embargo of 00.01hrs, 10 May.
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