Welsh Water last week celebrated a milestone 20-year anniversary of being not-for-profit.
Back in 2001, Glas Cymru was formed as a single purpose company to own, manage and finance Welsh Water and subsequently acquired the water firm using bond funding – at the time the largest non-sovereign bond issue.
Twenty years on, it remains the only not-for-profit water company in England and Wales, despite the model proving its longevity and value. More than £440m – “money that would have been distributed to shareholders in other companies” – has been returned to customers. Welsh Water said this has enabled it to:
• “keep bill increases below the RPI rate of inflation since 2010 – no other water company across England and Wales has achieved this;
• provide industry-leading support to more than 140,000 of its most vulnerable customers;
• invest over £1bn in wastewater systems to help drive up bathing water quality which plays such an important role in the tourism industry – Wales has a third of the UK’s total number of Blue Flag beaches, with only 15% of the coastline; and
• deliver an education outreach programme that has involved almost 600,000 pupils.”
To mark its 20 year anniversary, Welsh Water has donated £100,000 to 100 different food banks across the communities it serves and, as part of its established Community Fund, created a £10,000 ‘mini’ fund for the week where not-for-profit community organisations and groups can apply for funding to support local causes and schools can also apply for a special science kit to help support pupils.
Peter Perry, chief executive of Welsh Water said: “Today is as much about our customers and the communities we serve as it is about our company, which is why we have decided to continue to support the foodbanks that are tackling soaring demand for their services in the face of the pandemic and wider need.
“We are focused on the long-term and have ambitious plans for the years ahead. With the wellbeing of future generations as paramount, the Glas model will evolve to meet new challenges and circumstances, keeping pace with societal issues and growing customer concern about climate change and their desire to invest for the long term.”
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