A lecture given on 5th December 2000 as part of the 'The Beesley Lectures: Lectures On Regulation Series X 2000' organised by Professor David Currie of the London Business School and Professor Colin Robinson of the IEA. This is reproduced with the kind permission of Professor Seabright

This paper examines the state of the regulated water and sewerage industry in England and Wales (hereafter the 'water industry') and, in particular, the respective roles of competition and regulation