Part 4Watercare Services Limited
70Purposes of this Part
The purposes of this Part are—
- to promote the long-term benefit of consumers of water services provided by Watercare; and
- to ensure that sufficient information is readily available to interested persons to assess whether the purpose in paragraph (a) is being met; and
- to ensure that Watercare manages its operations efficiently with a view to keeping the overall costs of delivering water services at the minimum levels consistent with the effective conduct of its undertakings and the maintenance of the long-term integrity of its assets.
This Part achieves the purposes by promoting outcomes that are consistent with outcomes produced in competitive markets such that Watercare—
- has incentives to—
- innovate and to invest in water services, including in replacement, upgraded, and new assets; and
- improve efficiency in providing water services; and
- provide water services at a quality that reflects consumer demands; and
- innovate and to invest in water services, including in replacement, upgraded, and new assets; and
- shares with consumers the benefits of efficiency gains in supplying water services, including through lower prices; and
- is limited in its ability to extract excessive profits.
This Part relates only to delivering the purpose of this Act under section 3(2)(e).