Principal – Cost change process and PR29

We are Ofwat, the Water Services Regulation Authority, a non-ministerial government department responsible for regulating the water sector in England and Wales.

We have an opportunity for a Cost Change Process and PR29 Principal to join our Price Review Directorate.

The water sector is entering a new chapter. The government has set out a bold new direction, bringing together expertise from across the sector to deliver better outcomes for customers and the environment. We are collaborating with fellow regulators to respond to recommendations in The Independent Water Commission Report, the Welsh Government’s response to the Green Paper, Shaping the Future of Water Governance in Wales, and the Government’s White Paper, A new vision for water.

Ofwat is working with the government and other regulators to help create a new body for England, bringing together our strengths with those of the Drinking Water Inspectorate, the Environment Agency and Natural England. We are also continuing to work with the Welsh Government to support decisions on the future arrangements for Wales.

While these changes take shape, our mission remains the same: to hold water companies to account, drive performance, and ensure the sector delivers real value for customers, communities, and the environment. If you’re passionate about making a difference, this is a unique moment to join us and help shape the future of water, and together we can continue to make a positive impact.

Job description

The Cost Change Process and PR29 Principal role has an important and valuable contribution to enable us to deliver on our goals and regulatory commitments. The cost change is an annual process that runs for most of the year and, in 2026 alone, is likely to provide around £3.5bn of additional investment to help maintain and enhance the customer service and the environment now and for future generations. This role is central to the successful coordination and delivery of the cost change process both in the remainder of 2026 and in 2027 and 2028. The team works with colleagues from across both the price review directorate and wider Ofwat covering key issues such as supporting economic growth, asset health and delivering major projects.

You will influence how the process is designed, the policy we follow and ultimately its delivery. The role will work closely with senior colleagues to ensure that all stakeholders understand the cost change process and the decisions that we make. The role will work flexibly with the team to provide support and resilience for our annual in period determinations of outcome delivery incentive payments. You will work closely within the price review directorate, taking the lessons learnt to help shape how we might incorporate in period determinations into the 2029 price review for price controls applying from April 2030.

Key deliverables

• Lead the planning and delivery of the annual cost change process, managing consultants, planning and organising relevant plenaries, board and governance papers, liaising with comms as required for publications and wider queries.
• Coordinate modelling and delivery of any documents to be produced to support decision making on the cost change process.
• Develop relevant policy and update existing policy related to the cost change process. This may include decision making on modelling issues as required working with appropriate teams and individuals.
• If required, deliver any relevant changes to company licences through consultation.
• Working closely with directors across the cost change process to ensure that responsibilities and deliverables are clear and managed on time and to high quality, challenging and discussing needs as required.
• Develop and maintain relationships with key stakeholders, including other regulators, the UK and Welsh government and company representatives at all levels to ensure transparency and a no surprises approach to the cost change process.
• Deputising for the director both internally and externally as required, including with government, companies and other stakeholders.
• Understanding, and providing support, for the in period outcome delivery incentive determination process as required.
• Shaping future process and approach, drawing on identified areas for improvements and lessons learnt. Contributing to emerging policy development for the 2029 price review, with particular focus on how and if the cost change and in period outcome delivery incentive determination processes will be implemented in the future.
• The role may require line management responsibilities and managing external contractors.

Person specification

To be successful in this role you will need the below essential attributes, experience, skills and knowledge:

Experience, skills and knowledge

1. Lead criterion: Experience of coordinating and delivering a regulatory price setting process, including planning and co-ordination of projects.
2. Proven ability to develop and apply policy using qualitative and quantitative analysis to assess evidence and develop well supported policy options and recommendations, with a particular focus on regulation and utility sectors.
3. Excellent stakeholder management skills, able to influence and build relationships with a range of internal and external stakeholders to a very senior level.
4. Extensive experience working in the regulatory and utility sectors, ideally with a focus on price determinations and regulatory reporting.
5. Proven ability to lead and coordinate multi-disciplinary teams to deliver projects to tight timescales and to a high standard. Proven ability to think strategically and identify and act upon the key issues within detailed and complex programmes of work.
6. Excellent written and oral communication skills, with the ability to produce clear, concise, and well-structured reports and briefings, with the ability to present complex information effectively to a variety of audiences.
7. Excellent analytical and decision making skills, including understanding engineering, legal, financial and economic implications of decisions.

Attributes

1. Promotes collaboration
2. Adaptable thinker
3. Delivers outcomes

Benefits

• Excellent employer pension contributions of nearly 29%.
• 25 days’ annual leave (increasing to 30 with each year of service) plus bank holidays and an extra 2.5 days of privilege leave.
• Access to exclusive discounts on a variety of goods and services, including retail outlets, theatre tickets, holidays, insurance, and a gym membership.
• Flexible working arrangements that suit your lifestyle.
• Fees paid for membership of relevant professional bodies.
• Up to 3 volunteering days per year.
• Recognition vouchers scheme.
• Generous shared parental leave and pay.
• Enhanced sick pay.
• Regular development opportunities.
• Health and wellbeing initiatives.
• Cycle-to-work scheme.
• Season ticket loan for home-to-office travel.
• Free eye tests and contribution to lenses/spectacles for VDU users.