Ofwat have said that water firms will have to invest futher.

July 18, 2019by Jonathan

Ofwat (The economic regulator of the water sector in England and Wales) has said that by 2025, water bills are set to fall by an average of £50 under plans by the industry regulator, but more importantly, they have also said that water firms will have to invest an additional £6m each day in improving service for customers. The reason, to provide ‘better services, a healthier natural environment and lower bills.’

Ambitious Targets

In what Ofwat says is the most far-reaching price review the regulator has ever undertaken, the ambitious targets set are to drive water companies to do more for both their customers and the environment which include:

  • cutting pollution incidents by more than a third,
  • reducing supply interruptions by almost two-thirds,
  • helping 1.5 million customers who are struggling to pay, and;
  • cutting leakage to save enough water equivalent to the needs of the population of Manchester, Leeds, Leicester and Cardiff

Budget worries

As a Project Manager, the prospect of having to commit an extra £6m each and every day for the next 5 years is a large concern and a huge commitment, therefore, smarter use of budget spending is paramount.

A key aspect of saving money is through managing assets, be it tanks, scrapers or pipework. A well-maintained asset will last longer, fact! Imagine if you never took your car for a service, how long do you think it will last compared to a well-serviced car? Water assets are the same, the better maintained the longer the asset life you can expect which everyone will agree, makes key business sense.

If you’re not convinced, ask yourself:

Would you rather spend a little bit of your limited budget every few years to have your tanks serviced?
Or would you rather spend a lot of your budget and replace a complete tank?

Would you rather have peace of mind that you know your tanks are going to last for many more years?
Or would you rather just bury your head in the sand and leave it to chance?

Contact us today to learn how our Gold Card Asset Management can save your company valuable money and give you peace of mind for the future.