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@ChrisMayLA6 @Myryama @GeofCox @WTL @CheRosach
I always apply Hanlon's Razor: never attribute to malice what can adequately be explained by incompetence. Regulatory capture is a well known failure mode, made more likely because any effective regulator needs to hire people who understand the industry, and there is generally only one place to find them.

Telecoms had the same issue until OfTel was merged with other media regulators to form OfCom. Now we have vastly better telecoms. Reform OfWat!