Water industry regulator Ofwat has launched a search for a Managing Director to head up the Regulators’ Alliance for Progressing Infrastructure Development (RAPID).
Primary focus of the new role will be to provide strong leadership to the Regulators’ Alliance for Progressing Infrastructure Development (RAPID) – RAPID works on behalf of Ofwat, the Environment Agency and the Drinking Water Inspectorate.
Formally, RAPID is based in Ofwat – the new appointee will report to the CEO of Ofwat. The Alliance is the first time Ofwat, the EA and DWI have formed a joint team. RAPID will bring the regulators together to promote the development of national water resources infrastructure that is in the best interests of water users and the environment.
Some of the infrastructure projects that will deliver greater resilience in water supply will be managed as joint ventures between water companies and/or will have strategic impact on a regional scale.
Ofwat said that many of the projects, which are technically complex and will have implications for the environment, are also likely to explore gaps within and between the regulatory frameworks overseen by Ofwat, the EA and the DWI.
The goals of RAPID are:
- To ensure the timely and co-ordinated development of strategic infrastructure schemes to the point where they are construction-ready for the next five year regulatory period starting in 2025.
- To provide leadership and momentum to recommend a future-proof regulatory framework that best supports the vision on an enduring basis.
- To provide a seamless regulatory interface for the strategic schemes
Ultimately, RAPID is expected to create a regulatory framework suitable for future schemes.
Ofwat envisage that RAPID will have three core functions:
- Developing regulatory and commercial frameworks for joint infrastructure projects or supporting industry development of the latter: RAPID will build the frameworks in part by tracking the issues and gaps which are identified by the various joint infrastructure projects currently being explored;
- Providing oversight of project progress to ensure development of options in a timely and co-ordinated way; and
- Acting as the principal regulatory interface with the industry on such projects, including through the gated development and funding process being established through the current price review (PR19).
As part of this, RAPID will also interact with the regional groups developing regional water resources plans. The aim is to facilitate regulatory review of the plans which will seek to ensure that the best value schemes are brought forward and that the regional plans are consistent and coherent with each other.
However, RAPID will not be a new regulator in its own right - formal decision making powers remain with the sponsor regulators, with RAPID making recommendations to them.
Launching its search for the new MD, Ofwat said:
“To deliver the activity envisaged, RAPID will need senior leadership to build relationships with the key stakeholders and oversee the creation of new frameworks covering assets that, over time, could be worth billions of pounds. To be effective, it will need the confidence of the boards of the regulators and companies.”
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