Welsh Water: role model or special case?

This paper examines the issues involved in the conversion of the Welsh Water utility into a debt-funded, not-for-profit company, owned by members and limited by guarantee. The separation of asset ownership from out-sourced service management and operations, combined with debt financing, provides a revolutionary package with implications for the restructuring of the privatized water sector in England and Wales. However, the Glas Cymru model currently remains untested and its particular features, together with the circumstances of the Welsh Water acquisition, prevents its presentation as a template for replication by other companies.