As a national water utility, Irish Water will raise funds and make investment decisions on a national basis. This will ensure that we have a water system that meets future demands.
Water is a valuable resource but it is expensive to deliver. It is costing €1.2 billion every year to run the public water system, with €1 billion of this funding coming from the Exchequer. This current funding model is no longer sustainable.
In addition, our infrastructure is in need of investment to keep pace with increasing demands and to ensure high quality water continues to be provided.
Increasing investment will lead to improved and safer water services.
Despite the good work of the Local Authorities, lack of investment has given rise to weaknesses in the water system infrastructure resulting in high leakage rates, varying quality standards and pressures on supply. The new funding model, based on revenue collection and reinvestment, will ensure the public water system can meet the challenges of the future and deliver standards of which we can all be proud.
As part of our new long term approach to managing Ireland’s vital water resources, Irish Water will be introducing water metering to homes around the country. The information both Irish Water and its customers will get from metered supply will enable both to adjust to more sustainable water management.
Also with global demand for water due to rise by 40% in just 20 years, Ireland will be well positioned to attract foreign and indigenous investment, creating real potential for new jobs within the country.