PRESS: England, Wales water regulator Ofwat to be abolished? Guardian
The water watchdog for England and Wales will be abolished, the Guardian reported on Friday.
Next week, UK ministers will announce a consultation into creating a new regulator to replace Ofwat, which will coincide with the results of a review into the water industry by Jon Cunliffe, the former Bank of England deputy governor.
Ofwat has been criticised for underinvestment in water infrastructure, and over its failure to prevent sewage spills. Meanwhile, privatised tap water companies paid big dividends while debt increased.
It is set to be the largest review of the water sector since it was privatised in England and Wales in 1989.
Since then, the last major reservoir to be built was the Carsington Reservoir in Derbyshire, which completed construction in 1992. The population of England and Wales meanwhile has increased by 21% to 60.9 million in mid-2023 from 50.4 million in mid-1989, according to the Office for National Statistics.
United Utilities shares closed 1.8% higher at 1,118.00 pence each on Friday in London, while Severn Trent shares closed 1.6% higher at 2,681.00p each. Pennon shares closed up 4.5% at 516.00p.
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