In its first year, Ofwat’s new innovation fund will pay for an Innovation in Water Challenge targeted at smaller projects with strong supply chain participation, as well as a main competition, targeted at large, strategic projects.
The information came in an update from the regulator on its thinking about its new PR19-funded innovation policy.
Ofwat provided views on outstanding policy issues including intellectual property rights, risk sharing, customer protection and partnership and collaboration with third-parties; and proposed some changes to the principles previously shared – for example around minimum contributions and sharing risks with customers.
It also confirmed it planned to appoint an organisation to implement the competition and shared updates on timings, governance, and decision-making. Finally, Ofwat offered a brief update on the joint sector innovation strategy water companies have been asked to lead on, and the trialling of a One-Stop-Shop to provide regulatory advice and support to innovators looking to get innovative activities off the ground.
The consultation runs until 24 June.