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Executive overview
Key findings
£6.0 billion: Ofwat's total expenditure allowance for 2025-30 (approved allowance, not spending)
£1,169.8 million: revenue in FY2025-26, up £254 million on a c.30% uplift in household bills (actual)
6 of 23: Ofwat performance targets met in 2025-26, rated "off track", its lowest category (as reported by Senedd Research)
£600 million: Cwm Taf Water Supply Strategy, with planning applications lodged in late October 2026 (company figure, planned)
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Buyer relevance
Who the report is for
Investors and lenders in UK regulated water
Set the 61% regulated gearing, the £974 million liquidity position and Ofwat's August 2026 delivery assessment against the £6.0 billion 2025-30 allowance.
Engineering and construction suppliers in Wales
Time bids around wastewater scheme releases, of which fewer than 40% is expected with the supply chain by the end of 2026-27, and the £600 million Cwm Taf procurement starting in early 2027.
Welsh public bodies and policy teams
Brief on how Ofwat, the Drinking Water Inspectorate and Natural Resources Wales each assess the company while the Welsh economic regulator is planned for the mid-2030s.
Leakage and network technology providers
Size the gap between leakage of 156.4 litres per property a day and the 104.5 industry average, alongside £85 million of leakage spending in 2025-26.
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Decision scope
Questions answered
How did Ofwat rate Dŵr Cymru Welsh Water in 2025-26?
It was rated off track, Ofwat's lowest category, having met 6 of 23 performance targets, after four consecutive years in the lagging behind category to 2024-25.
Is the 2025-30 investment program on schedule?
Ofwat said in August 2026 the company had not shown it remains on track. In 2025-26 water outputs were 23% below baseline; wastewater outputs were 59% above baseline, but wastewater deliverable allowances were 66% underspent.
How large is the company's leakage problem?
Leakage was 156.4 litres per property a day in 2025-26 against an industry average of 104.5, and the three-year average was 15.0% above its 2019-20 baseline in 2024-25.
What is the status of the Cwm Taf Water Supply Strategy?
The £600 million project lodged planning applications in late October 2026, with Direct Procurement for Customers procurement due to start in early 2027.
How strong is the balance sheet?
Regulated gearing was 61% at 31 March 2026, adjusted net debt (CTA basis) was £5,069 million and liquidity fell to £974 million from £1,271 million.
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Inside the report
Inside the complete report
Executive Overview
1. Water Resource Profile
2. Governance and Institutional Framework
3. Infrastructure and Service Delivery
Strategic Outlook and Opportunities
Source Register
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Public preview
What to watch next
1. Water Resource Profile
Leakage per property and total leakage in the 2026-27 regulatory returns; whether any further demand restrictions are imposed in summer 2027; whether the company publishes local treated-water storage or capacity upgrades for Ceredigion.
2. Governance and Institutional Framework
Closure or revision of notice DWR-2024-00006; Ofwat's next performance category; progress of the Welsh Water Bill and the joint transition plan; any outcome of the Wye, Lugg and Usk claim.
3. Infrastructure and Service Delivery
Interruptions and mains repairs in the 2026-27 Ofwat report; the 2026 Compliance Risk Index; whether serious pollution incidents fall below the 2025 count of nine; storm overflow spill averages for 2025.
Strategic Outlook and Opportunities
Ofwat's final cost change determination; National Environment Programme sign-off and the resulting storm overflow phasing; Cwm Taf planning decisions and the 2027 procurement launch; the FY2026-27 interim results for liquidity, debt and gearing; Ofwat's next financial resilience assessment.
Ofwat's 2025-26 delivery assessment, the project register and the ten-year financial capacity table.
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Included
What you receive
The complete PDF report: 13 pages, 6 sections, 15 tables and a register of 26 sources.
This edition
November 2026, First edition.
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Evidence & method
Evidence and method
The report draws on Ofwat price control determinations, performance reports and its August 2026 cost change letter; Drinking Water Inspectorate and Natural Resources Wales regulatory reports, notices and the October 2026 joint regulator report; Dŵr Cymru Cyfyngedig audited annual accounts for FY2016-17 to FY2025-26; and Welsh Government and Senedd publications on water governance reform.
Sources
26 sources, listed in the report's source register. Evidence current to 12 November 2026. Principal data periods: FY2025-26 audited accounts (year ended 31 March 2026); Ofwat performance assessments for 2024-25 and 2025-26; calendar 2024 and 2025 drinking water and environmental data; project and regulatory status as of 12 November 2026. All currency is pounds sterling (£)..
Evidence boundaries
This report uses authoritative source material available at the stated research cutoff. It distinguishes published facts, calculated values and analytical interpretation. No independent modelling is performed. Forward-looking analysis reflects published plans, documented trends and stated uncertainties. It does not constitute legal, financial, investment or engineering advice.
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Lead analyst
Robert C. Brears
Founder, Our Future Water Intelligence
Robert C. Brears is a water-security specialist and author whose work examines utility governance, infrastructure investment, climate resilience and long-term water-system change for executive and policy audiences.
- Decision-focused utility intelligence
- Published water-policy author
- Evidence-grounded system analysis
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Buyer FAQs
Before you purchase
Who can use the report?
Licensed for internal use within one purchasing organization. The PDF and its contents may be shared with colleagues within that organization. External redistribution, resale and public publication are prohibited without permission.
How is the report delivered?
The PDF is available to download immediately after confirmed payment, through our secure delivery system.
Can my organization buy wider access?
Institutional purchasing: For invoice enquiries, multi-organization licensing or broader access requirements, contact Our Future Water Intelligence.
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Water Systems Overview: Dŵr Cymru Welsh Water
- Format
- Length
- 13 pages
- Edition
- November 2026, First edition
- Price
- USD 499
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Report details
Publication details
- Publisher
- Our Future Water Intelligence
- Report family
- Water Utility Intelligence Report
- Edition
- November 2026, First edition
- Format
- Length
- 13 pages
- Reference
- OFW_EXT_WATER_SYSTEMS_OVERVIEW_DWR_CYMRU_WELSH_WATER_59e9af486e63
- Evidence current to
- 12 November 2026
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