The water regulator OFWAT hits water companies with tough price control.
Shake the water industry money tree and see what falls.
As the outgoing water industry regulation Director Cathryn Ross departs to pastures new to take up a senior post within BT, she is replaced by Rachel Fletcher, previously executive director on the OFGEM board and accountable for the regulation and digital transformation of the energy retail market.
Rachel Fletcher has experience in forming strategy and influencing stakeholders in order to deliver positive consumer outcomes.
She has a track record of inspiring teams and working within a fast moving and political environment.
OFWAT has brought forward the issue of water leakage and flooding, setting minimum water leakage targets by 15% and even tougher targets to create resilient water distribution systems.
There will be very challenging times ahead for Fletcher, especially 9 months into the water deregulation in the English Water Retail Market.
With billing errors on mass and business customer complaints that have gone through the roof, confidence in the water retail market will be lost unless immediate and robust action is taken by the water regulator and to date there has been little sign of that.
As water consultants report numerous problems, in particular incorrect water bills and very poor customer service as water retail companies jostle for position in a frenzy “land grab” to sign up new customers at the expense of customer service and issuing accurate water bills.