Ofwat approves £2.2bn of infrastrucutre investments
By Josh White
Date: Tuesday 27 Jun 2023
(Sharecast News) - Ofwat finalised its decision to authorize 33 infrastructure schemes on Tuesday, amounting to a total investment of £2.2bn.
The water regulator for England and Wales said the projects were set to start within the next two financial years.
It said the confirmation came after a public consultation held in response to Ofwat's initial announcement of the programme in April.
The approved projects encompass a range of initiatives aimed at addressing various challenges faced by the water sector, including 10 storm overflow schemes, valued at nearly £1.7bn.
Ofwat said the projects would employ innovative strategies to reduce overflow spills by around 10,000 per year.
Specific attention would be given to enhancing water quality at the bathing water site in Ilkley on the River Wharfe, and significantly curbing spills into Lake Windermere.
Additionally, seven smart metering schemes have received the green light, which would involve the installation of 462,000 smart meters.
The regulator said the implementation of the meters was expected to bolster drought resilience in the region.
Additionally, six water supply schemes were approved, which would provide an additional 75 million litres per day of water once completed, safeguarding a maximum of 31 million daily litres of peak output.
Furthermore, Ofwat said it had sanctioned three nutrient neutrality schemes with a potential value of £160m, which would play a crucial role in protecting natural ecosystems.
Ofwat said the water sector in England and Wales was facing significant challenges, including dry summers and increasingly frequent and intense rainfall.
Additionally, there was a pressing need to substantially improve river and bathing water quality across the country.
To address those concerns, the regulator had collaborated with the Department for Environment, Food and Rural Affairs (Defra) and water companies to expedite the implementation of projects outlined in existing plans.
"The water sector needs to act now to secure future needs of customers and the environment," said Ofwat's senior director of price review, Chris Walters.
"The schemes we are confirming today will help tackle storm overflows, install more smart meters, provide additional water supply and improve river water quality.
"In each case the company has demonstrated a clear need and benefits to customers and the environment."
Reporting by Josh White for Sharecast.com.
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