If you’ve been to any pan-utility industry event over the past year, you’ll have noticed that the water company representatives had a certain buoyancy, a visible sense of relief at escaping the worst of the witch hunt that has swirled around their cousins in energy. The water sector has shown a justifiable pride in pre-empting the affordability agenda, and reacting to public opinion by holding or cutting bills in a way that energy companies have failed to do.