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UTILITY WEEK | 23rd - 29Th JanUarY 2015 | 3 Leader Ellen Bennett This week 4 | Seven days 6 | People & Opinion 8 | Interview Steven holliday, chief executive, national Grid 13 Policy & Regulation 13 | News Tideway Tunnel legal challenges rejected 14 | Analysis Ofwat's new Trust for Water strategy 16 | Event network Transformation and adapting to rIIO 19 Finance & Investment 19 | News UK fracking 'faces financial uncertainty' 20 | Market view has private equity been a boon or a curse for utilities? 22 Operations & Assets 22 | High viz Scottish Water 24 | Market view an ageing workforce is an experienced workforce 25 | Market view Tax breaks for training 26 Customers 26 | News Thousands of nIW customers off supply 27 | Market view Cyber security and smart meters 28 Markets & Trading 28 | News UK power price index hits lowest ever point 30 Community 30 | Reader of the week Sarah France, Wrc 31 | Disconnector Companies must match Ofwat's vision And so to the launch of Ofwat's strategy last Wednesday, the oddest regulatory unveiling Utility Week has ever been privy to. Given the heavy trailing of the strategy, based on "trust and confidence", the audience was expecting few surprises. They were wrong. Instead of the usual document doubling as a doorstop that regulators offer, Ofwat had a jolly cartoon and a clutch of speeches by some of its most outspoken critics. It was unusual and, one imagines, a deliberate attempt to provoke a reaction from an audience the regulator considers at risk of complacency. Ofwat is being very smart. With PR14 drawing to a close, the real reform of the water sector now begins. The opening of the market to competition and the conversations that must be now be had around resilience and abstraction and upstream reform are potentially explosive. Last time the regulator attempted major reform, on a much smaller scale, the sector went into meltdown. The spectre of Section 13 was hovering above this feast, with both the regulator and the companies acutely aware that this time they must have a constructive and mature process that avoids the mistakes of the past. By bringing its critics inside the tent, Ofwat effectively disarms its opponents and ensures genuine debate – debate that goes further and faster than if the companies themselves were in the driving seat. As consumer advocate Sharon Darcy said on the night, the challenge now lies with the companies to step up and participate in the debate – and that means challenging and even disagreeing with the regulator in public, on occasion. That's a huge departure from the regulatory relationship of the past, and yet another challenge for management teams already dizzy with cultural and organisational change. It is also the right thing to do and, with a bit of luck, an approach that will keep the water sector safe from the kind of political intervention and imposed change now facing energy. Ellen Bennett, Editor ellen.bennett@fav-house.com GaS 13 | News Environmental go- ahead for Cuadrilla 19 | News UK fracking 'faces financial uncertainty' WaTEr 6 | Chief executive view Barbara Frost, Wateraid 13 | News Tideway Tunnel legal challenges rejected 14 | Analysis Ofwat's new Trust for Water strategy 20 | Market view has private equity been a boon or a curse for utilities? 26 | News Thousands of nIW customers off supply ELECTrICITY 13 | Interview Steven holliday, chief executive, national Grid 21 | Industry view Tim rotheray 25 | Market view Tax breaks for training 28 | News UK power price index hits lowest ever point EnErGY 16 | Event network Transformation and adapting to rIIO 24 | Market view an ageing workforce is an experienced workforce 27 | Market view Cyber security and smart meters Knowledge worth keeping Visit the Downloads section of Utility Week's website http://www.utilityweek.co.uk/ downloads O Power: The tranformation from com- modity suppliers http://bit.ly/1FQobpA Rolta: White Paper: Pull yourself together http://bit.ly/1qPuBgR