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What Does AMP7 Mean For You?
15 May 2018
AMP7, the seventh Asset Management Period planned by the UK water industry, is due to run from 2020 to 2025. All the major water companies are now nearing the final stages of their business plans, which are vital in meeting industry regulator Ofwat’s requirements once the new 5-year AMP period begins.
What AMP7 means for consumers
While Ofwat has set out several objectives under PR19 (Price Review 2019, which will set the prices for consumers for the 2020-2025 period), one of the core focuses of the renewed regulation is on customer engagement. This means the approach to talking to and having a dialogue with end users will be strengthened, hopefully creating more transparency and customer satisfaction. Ultimately, Ofwat aims to foster trust between consumers and water companies.
What AMP7 means for Water companies
AMP7 is of primary importance to water companies, not least because of the financial rewards and penalties for performance (or underperformance) in delivering good customer engagement affordable bills, resiliency in the water network, and innovation.
AMP7 will address the challenges facing the water industry, such as the increasing population and the resulting growing importance of protecting the environment.
In an industry known for being conservative and highly regulated, a renewed focus on innovation will be a challenge, but it’s vital part of keeping up with consumer demands.
Of course, this is all likely to mean higher costs, which means water companies will look to maximise efficiency through greater procurement planning, for example.
What AMP7 means for contractors and staff in the Water industry
The responsibility will be put heavily on an increasingly competitive contractor landscape to provide solutions to the challenges mentioned above. Employing the right people, with a blend of water industry experience and fresh ideas, will be a key strategy.
Skills in fields such as automation will become ever more valuable to have, as technology moves forward in this and other industries.
Millbank has a long history of providing clients within the water sector with the most skilled candidates, allowing them to push forward with the latest technologies and keep pace with the industry.
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