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The Water Services Regulation Authority, or Ofwat, is the body responsible for economic regulation of the privatised water and sewerage industry in England and Wales.Ofwat's main statutory duties include protecting the interests of consumers, securing the long-term resilience of water supply and wastewater systems, and ensuring that companies carry out their functions and are able to finance them.
the Water Services Regulation Authority, or Ofwat, responsible for setting the price regime that water companies are required to follow and monitoring performance of the new water companies. England and Wales became the only countries in the world to have a fully privatised water and sewage disposal system.
The asset management plan period was introduced as a result of the privatisation of the water industry in England and Wales.The AMP periods are linked to the regular price reviews used by the Water Services Regulation Authority (Ofwat) to set the allowable price increase for consumers (known as the k factor).
Water supply and sanitation in the United Kingdom is provided by a number of water and sewerage companies.Twelve companies and organisations provide drainage and sewerage services, each over a wide area, to the whole United Kingdom; and supply water to most customers in their areas of operation.
Water and sanitation tariffs are regulated by OFWAT, which sets caps for tariff changes over five-year asset management plan periods. In the 2000–2005 review period OFWAT mandated an average annual reduction of tariffs of 1.6%. However, in the 2006–2010 review period it has allowed an average annual increase of 4.2%. [12] Affordability.
Iain Michael Coucher (born 22 August 1961) is the chairman of Ofwat, and was formerly the chief executive of the Atomic Weapons Establishment.He has worked as a consultant in the railway industry and held a number of management posts, most notably as the chief executive of Network Rail from 2007 to 2010.
Ofwat – the Water Services Regulation Authority, economic regulation of the water and wastewater industries in England and Wales The Utility Regulator – economic regulation of the electricity, gas, water and wastewater industries in Northern Ireland [ 8 ]
Ofwat licences companies (known as water "undertakers") to operate water and sewer services with "instruments of appointment", and can impose various conditions. [26] Licences usually last 25 years but can be terminated on 10 years notice by government.