There is much to keep the industry’s chief executives awake at night.
This is why Utility Week today launches our New Deal for Utilities campaign, to help us arrive, with industry, at a plan for the future – one that will help utilities strike a new bargain with the public.
Together with a range of figures and commentators from throughout the sector and beyond, we’ll be taking a long, hard look at the industry, including at how the renationalisation of utilities has come to be a major part of the narrative – something unheard of only a few years ago.
We’ll also be asking what companies can do to address their critics, offer greater fairness and rebuild public trust. And we’ll be finding out how forging a new deal with policymakers can help utilities deliver this.
There will be tough discussions ahead, some of which may be unpalatable, but we believe now is the right time to expose the debate.
Each week throughout the campaign we will be asking the big questions – such as how the public really feels about utilities; if renationalisation could work in today’s political climate and in what way; the myriad concerns around resilience and action that needs to be taken; and the many potential investment factors now affecting utility businesses.
We’ll also explore the thorny issues of executive pay and perks, of sharing rewards, and whether utilities really are doing enough for vulnerable consumers.
Utilities realise they need to change.
Having these debates will help us identify what companies need to do to win over the public and shape a new social contract, along with any specific policy and regulatory support required – whether, for example, that be market, system or regulation reforms, or greater data access.
We kick off with our survey about “The (real) state we’re in”, which reveals the findings of an exclusive survey commissioned by Utility Week to gauge public sentiment – including whether utilities should be renationalised.
There are some heartening findings, including that more than half of those surveyed are satisfied with their utility companies, with satisfaction highest for water suppliers. However, there is no room for complacency as this still leaves half of all those polled on the other side of the equation.
We’re calling on you, the sector’s leaders and stakeholders, to join the debate on what a New Deal for Utilities could look like and what needs to happen next as industry strives to meet its challenges ahead and restore public trust.