Severn Trent Water has released a new report calling for the industry to improve the reliability of its network and significantly cut carbon emissions.
Entitled Changing Course, it notes that without reform, customers will face higher bills in the future and financial sustainability for water providers will become much more uncertain.
The company's proposed changes could help to save the industry more than £10 billion over the next 20 years.
Tony Wray, chief executive of Severn Trent Water, commented: "While the current regulatory model has worked very effectively since the privatisation of the industry, now is the time for change."
Proposals contained in the report include greater support for companies that reduce their carbon emissions and a more flexible approach towards implementing EU directives.
Severn Trent Water currently serves approximately eight million customers in the UK, across areas including mid Wales, Bristol and the Humber.
Written by Joseph Hutton
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