Water industry regulator Ofwat is calling on the water companies to seek additional social and environmental value through the delivery of their services.
Ofwat has today published a new discussion paper setting out proposed principles to underpin how water companies can deliver greater public value.
Commenting in the paper, the regulator says;
"We are reminded that the delivery of public value and stakeholder perception can be fragile, as highlighted by the recent and ongoing debate and heightened concern in the context of storm overflows. Customer and public trust cannot be taken for granted."
The principles-based approach aims to provide a framework for the activities and behaviours Ofwat wants to see companies adopting, whilst allowing for the flexibility that will be required to help deliver practical approaches tailored to regional and local circumstances.
The principles published in today's discussion paper look to explore:
Principle 1: Companies should seek to create further social and environmental value in the course of delivering their core services, beyond the minimum required to meet statutory obligations.
Principle 2: The mechanisms used to guide activity and drive decision-making should facilitate the delivery of social and environmental benefits that are measurable, lasting and important to customers and communities.
Principle 3: Companies should be open with information and insights on operations and performance.
Principle 4: Delivery of public value outcomes should not come at greater cost to customers without customer support.
Principle 5: Companies should consider where and how they can collaborate with others to optimise solutions and maximise benefits, seeking to align stakeholder interests where possible, and leveraging a fair share of third-party contributions where needed.
Principle 6: Companies’ public value activities should not displace other organisations who are better placed to act.
Principle 7: A company should take account of its capability and circumstances in scoping the delivery of greater public value.
Jenny Block, Senior Director, said
"There are many great examples of public value already being delivered across the sector – and we are seeing further thinking on this through companies' green recovery proposals, the innovation programme and early thinking around the next price review.
“We believe these principles provide a framework that can help ensure water companies provide greater public value across all that they do long into the future. We look forward to exploring these principles further with companies and other interested parties."
Click here to download Public value in the water sector – a supporting set of principles
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