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New powers proposed for Environment Agency to boost water abstraction trading
The Environment Agency needs new powers in order to kick start abstraction trading, according to a joint report for Ofwat and the Environment Agency.
These should include powers to obtain and publish trade price information, to facilitate reverse auctions and to make discretionary payments to abstraction licence holders who voluntarily agree to give up their rights for environmental reasons. It suggested a review of how the Environment Agency sets its charges for abstraction licences, in order to reflect the true environmental, social and economic value of the water.
The report spelt out why changes were needed to the abstraction regime. It said: "Currently, in areas where water is relatively plentiful abstractors are charged almost twice as much to abstract than where it is scarce. This sends completely the wrong signals about the relative values of water. It also sends the wrong message about where and how urgently innovation and investment is needed."
The research was submitted to the Cave review competition and innovation in the water sector.
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