This week Ofwat has signalled its determination to get tough with polluting water companies with three giants being fined a total of £168m.

More fines are on the way - and it is expected that Anglian Water will be in the next tranche to be punished in this way.

But to me this feels like an absolute nonsense. Surely there is a far better way of punishing companies than taking away money that could be used to improve their engineering and reduce sewage spills?

Like many people I've come to the conclusion that it is probably wrong for a public service which has a monopoly to be in the hands of the private sector. It isn't as if consumers have any choice in where their water comes from.

So ultimately I'd like to see the companies renationalised - but in the real world of 2024 when the government is trying to make its own books balance we need to accept that is probably a long-term aspiration.

However in the short term isn't it possible for the government to take a more hands-on approach to the way their services are operated and their financial affairs are conducted?

Couldn't a mechanism be created whereby water companies who illegally dump sewage in rivers and the sea are told they are not able to pay any dividend to shareholders - and have to invest any dividend they may have into improving their failing plant?

I do think everyone needs to recognise that the weather conditions over the last few years have been pretty difficult for water companies.

We had serious drought conditions during the first two thirds of 2022 followed by almost non-stop rain ever since with some really serious events like Storm Babet.

I don't believe all the shareholders of water companies are evil capitalists always trying to screw the customer - but I do think that during the good times too much emphasis was put on the needs of the shareholders and not enough attention was given to maintaining and enhancing the expensive plant needed to control exceptional events.

There are massive challenges facing the water industry over the years ahead - not only is there the need to stop existing discharges into rivers and the seas but there is also the need to prepare for the growth in the number of homes that the government wants to see.

That will require new water supplies - and new sewage treatment plants to deal with the water we get rid of.

It could also require a new form of sewage to be dealt with - "grey water" from baths, showers and washing as well as run-off from roads and pavements that can be used to water plants - while sewage from toilets would obviously have to go for full treatment.

The grey water solution is already working in a few places like Ravenswood in Ipswich - but really should be a requirement for all major housing developments if we are to create a sustainable future.

In short, it seems clear that the government needs to take a more hands-on role with the operation of the water industry, telling companies what to do to a greater extent as it did with the rail industry after the pandemic.

Failing water companies must be told to get on and fix their infrastructure - otherwise they will lose their ability to run themselves.

But while taking much needed money out of a failing business that desperately needs to spend more on improving its infrastructure may look good for headline-writers, it doesn't strike me as an intelligent way of regulating the industry.

The opinions expressed in this column are the personal views of Paul Geater and do not necessarily reflect views held by this newspaper, its sister publications or its owner and publisher Newsquest Media Group Ltd.