However, in 1999/2000, following the windfall tax on utility profits and the 1999 Ofwat price review, Hyder got into financial difficulties which led to its breakup following a takeover battle.

Hafren Dyfrdwy was formed from parts of the Dee Valley Water business, which is now a subsidiary of Severn Trent plc, and runs its operations in Wales.

[8] Under Glas Cymru's ownership, the company's assets and capital investment are financed by bonds and retained financial surpluses.

Financing efficiency savings to date have largely been used to build up reserves to insulate Welsh Water and its customers from any unexpected costs and also to improve credit quality.

[9] When it was established as a not-for-profit company, Welsh Water had a gearing level (the ratio of net debt to Regulatory Capital Value) of around 93%.

[11] Welsh Water owns more than 90 dams and reservoirs across its areas of operation - including a number of flagship visitor attractions.