Sustainable development duties: New roles for UK economic regulators

When the utility regulators were established in the UK their primary duties and roles were focused on economic regulation – setting price controls for monopolies and promoting competition where possible. The increasing emphasis in government policy on sustainable development has led to pressures on the regulators to pay greater attention to social and environmental concerns alongside economic ones. Ofwat and Ofgem now have duties to contribute to the achievement of sustainable development. Why and how did this change come about, what impact will it have on how the regulators deal with sustainable development and on the nature of regulation?