Independent Monitor for South East Water

Description

Ofwat has concluded a procurement for an Independent Monitor (IM) for South East Water. The purpose of the procurement is to appoint an IM to monitor, assess and report South East Water's progress in delivering a turnaround in their operational performance and resilience. The scope of the Monitor's role is intended to be consistent with undertakings accepted by Ofwat in its enforcement decisions concerning water supply resilience and customer care during supply interruption incidents, and compliance with a licence condition requiring the company to hold two Issuer Credit Ratings that are Investment Grade Ratings. The IM will support Ofwat's monitoring of the company's delivery of remediation actions required under the undertakings, including the development and implementation of a Performance Improvement Plan. The IM will provide independent assessment of progress, governance, risk management and delivery confidence, identify material risks to compliance and delivery, and report findings to Ofwat. The IM will support proportionate, risk-based regulatory oversight, while maintaining clear accountability with the company for delivery of the required improvements. The scope is expected to evolve during the contract term in response to the company's performance, risk profile and progress against the undertakings. The monitoring approach must therefore be scalable, risk-based and proportionate. The IM will be appointed by Ofwat, act independently of the company and provide advice and recommendations to Ofwat only. The costs of the independent monitor will be met by the Company, and will not impact on customer bills.