Ofwat sets out its ambition for PR24

27 May 2021 04:16 PM

Ofwat yesterday set out its early ambitions for the 2024 price review – sharing ideas on how the sector can meet the challenges it faces to deliver into the future.

The pace and scale of change is going to be quicker and greater than ever before. To meet the challenges this presents and embrace the opportunities, Ofwat is moving the conversation forward around four ambitious goals for PR24:

The water sector faces profound challenges and needs to work in new ways to deliver greater value for society and to reduce costs – this is the moment for fresh thinking and real change.

We all have a role to play in delivering these ambitions and, for Ofwat, this means continuing the conversations that started last year and turning ideas into action. Ofwat’s promotion of debate and discussion through its ‘Future Ideas Lab’ has led to positive suggestions on how Ofwat can support collaboration across the sector and empower companies to deliver the best outcomes for customers and the environment.

Ofwat will continue to listen and work collaboratively with customers, companies, other regulators and those with a wider interest in the sector.  The aim is to design a price review fit for the future.

David Black, Interim Chief Executive at Ofwat yesterday said:

‘We want the price review to drive the change needed to meet the demands from climate change, customers’ rising expectations, and affordability concerns.  We think that the sector can deliver more for customers, society and the environment, but we all need to work differently to unleash this potential.

Collaborating with others inside and outside the sector can deliver better, more sustainable outcomes. We’re sharing ideas now to explore with others how the price review can make a difference for customers and the environment, into the future.’

Notes to Editors:

  1. PR24 Launch document
  2. We welcome responses to this document by email at: PR24@ofwat.gov.uk and will carry on the discussion through working papers, workshops and working groups. This will help us further develop the price review framework in advance of our draft methodology, due in summer 2022
  3. You can continue to let us know your views via our Future Ideas Lab.