19th February 2001
ANDREW SMITH PUBLISHES RESULTS OF AN INDEPENDENT EFFICIENCY REVIEW OF UTILITY REGULATORS
The results of an independent review into the efficiency of the Utility Regulators, Ofgem (electricity and gas), Oftel (telecommunications), Ofwat (water and sewerage), and ORR (rail), were published by the Chief Secretary, Andrew Smith today.
Welcoming the report, Andrew Smith commented:
The report concluded that the regulators are professionally run organisations and that there are many examples of good practice. Whilst the costs of regulation have risen well in excess of inflation, the amounts involved are still very small in comparison to the turnover of the regulated industries and the benefits received by consumers. But the report also identified areas for improvement. Four of the main findings of the report are:
NOTES FOR EDITORS
This efficiency review commenced in August. It is based on some 50 interviews with senior staff at the four regulators, copious written material, case studies of specific projects, a questionnaire answered by some 80 stakeholders, detailed interviews with representatives of major regulated businesses, and comparisons with similar public sector bodies in the UK and overseas.
A full copy of the report is available on the Treasury website.