Water Industry: Financial Resilience
Debate between Stephen Timms and Rebecca Pow(1 year, 4 months ago)
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Rebecca Pow
I thank my right hon. Friend for broadening the scope of the debate. We are in discussions with the Department for Levelling Up, Housing and Communities—many of these issues involve working with other Departments—on grey water harvesting and better using the rain that does fall. A farmer in Devon whom I visited was collecting all the water from his farm buildings roofs to supply his animals.
Sir Stephen Timms (East Ham) (Lab)
In assessing, as the Minister has explained, the resilience of the water industry, what assessment is she making of the impact on UK pension funds if a major company such as Thames Water fails, as is being widely suggested in the press?
Rebecca Pow
There is a structure and a process for working through this matter. It is up to the individual water companies and the regulator working with them to ensure that they are resilient. That is why Ofwat reports annually on how resilient each water company is. If that flags any issues, Ofwat works closely with them, because we need our water companies to be fully functioning. We need to attract investment—a huge sum of money has been invested since privatisation, as I mentioned earlier—in infrastructure to give our customers the kind of service they deserve. We should also be mindful that it is not all piled on to customers; we have to share the load.