1 billion pound investment for Welsh Water
Welsh Water has been owned by Glas Cymru since 2001 and is unique because it's a non profit company. Glas Cymru is a limited company with no shareholders and is run by a board which has independent, non executive directors and members. This board contains 70 unpaid members, whose duty is to promote the high quality operation of the company for their customers benefit.
Welsh Water is also exceptional in the industry because they haven’t had to enforce a hosepipe ban for 23 years and claim this is because of their very low water leakage.
Glas Cymru is set to spend £1 billion on infrastructure projects in Wales, Deeside and Herefordshire over the next three years. The work includes upgrading treatment works and re building 22 of them, investing more money in renewable energy projects and improving the maintenance of sewers and water mains.
Glas Cymru’s finance director, Chris Jones told the Guardian how their investing in the current poor economic climate, ‘We take a long term perspective and all money we make gets invested back into the business. That's why we're investing even in difficult times.’
The latest investment for Welsh Waters will create an extra 1,500 jobs on top of the current 2,000 strong work force. This figure accounts for a tenth of the construction industry currently working in Wales.
Welsh Waters have announced their investment plans at a time when most water companies are being criticised for putting shareholders and profits before their customers. Part of the investment plans could include inventing a way of selling and moving water to the South and East of the country, which suffers from frequent water shortages. However, this could prove expensive according to Mr Jones, ‘It’s technically possible, worth considering but it’s not a cheap option.
Do you believe water companies across the country should be following suite and running their businesses as a non profit organisation like Glas Cymru?(0) Comments
- Wallasey pub set to be demolished and replaced with new housing
- Protests over 200 Million Pound Hoylake Golf Resort
- Wirral Council Buys Cinema for Seven Million Pounds in Bid to Help Struggling Town
- Invitation to Free Webinar on the Groundsure Homebuyers - including what to do next!
- From 1st March 2019 SDLT must be submitted and paid within 14 days of completion
Subscribe to receive a weekly update of our blog posts