Many of our service markets are regulated to promote competition and protect consumers. But we see the regulators and market rules as a help not a hindrance. They help us to serve customers and challenge the incumbents by providing a better service at a lower price. That’s why we’re constantly working to develop our relationship with each of our regulators.
Ofcom is the communications regulator in the UK. It regulates the TV and radio sectors, fixed line telecoms, mobiles and postal services. This trusted, government-approved body has a statutory duty to represent the interests of consumers by promoting competition and protecting against harmful or offensive material.
OFWAT or The Water Services Regulation Authority is the body responsible for economic regulation of the privatised water and sewerage industry in England and Wales. Ofwat is responsible for setting limits on the prices charged for water and sewerage services, taking into account proposed capital investment schemes, such as building new wastewater treatment works and expected operational efficiency gains.
OFGEM (OFFICE OF GAS AND ELECTRICITY MARKETS)
Ofgem is a non-ministerial government department and an independent National Regulatory Authority, recognised by EU Directives. Its principal objective is to protect the interests of existing and future electricity and gas consumers. It does this in a variety of ways, including (a) promoting value for money, (b) promoting security of supply and sustainability, (c) the supervision and development of markets and competition and (d) the regulation and delivery of Government schemes.
WICS (WATER INDUSTRY COMMISSIONER FOR SCOTLAND)
WICS is the economic regulator of the water and sewerage industry in Scotland. It promotes the interests of water and sewerage customers in Scotland by making sure they receive a high quality service and value for money. WICS remit is to set prices, facilitate competition and monitor performance.