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Ofwat maintains its commitment to the principles of 'Better Regulation' according to its annual report out today. The standards of accountability, transparency, proportion-ality, consistency and targeting underpin all Ofwat's work, says its Director General, Philip Fletcher. Under the principles of the Better Regulation Task Force, the water regulator has consulted with appropriate stakeholders on key decisions and has given evidence to several parliamentary committees during the year on subjects including the price review and sewer flooding. Regulatory work that Ofwat has done has been concentrated where it will have most effect, for example, by setting leakage targets only where necessary to achieve economic levels of leakage. In order to make price setting a transparent and consistent process, the financial model used by the regulator has been shared with the companies and others. Stakeholders have been kept informed of the progress of the review. And in making sure the approach to the review is correctly targeted, Ofwat, with government and other regulators, has conducted market research into customers' attitudes to prices. Philip Fletcher said: "This year has seen a period of intensive preparation for setting prices for the next five years. It is clear that prices for most companies will need to rise, in some cases significantly, and we recognise that some customers will be concerned about the increases. "While we cannot set price limits by reference to what customers can afford, we welcome the Government's commitment to review aspects of affordability and will take a full part in that work." He added: "I am determined to make sure that, while more money must be found so that companies can carry out essential work, customers' bills are kept as low as possible." Note to Editors: 1. The Director General of Water Services is the economic regulator of the water and sewerage companies in England and Wales. He exercises his powers in a way that he judges will allow them to carry out their functions properly, and finance them. Customers' interests are represented by WaterVoice. 2. A copy of the Annual Report 2003/04 is available on the website www.ofwat.gov.uk or from HM Stationery Office. MEDIA ENQUIRIES TO OFWAT PRESS OFFICE ON: 0121 625 1416/1496/1442 Out of hours enquiries to pager: 08700 555 500 water 503/509. Ofwat publications and press notices can be found on Ofwat's website at: www.ofwat.gov.uk  | ||||||
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