The Independent Competition and Regulatory Commission is currently looking into Icon Water's water and sewerage prices for 2018-2023.

At the moment, Icon Water users pay an annual supply charge and a two-tier usage charge with a lower price for the first 200 kilolitres of water used and a higher price for water used above that.

Those who use up to 50 kilolitres per quarter are charged $2.61 per kilolitre, while those who use more than 50 kilolitres per quarter are charged $5.24 per kilolitre.

In a statement, the ICRC said the utility had some wiggle room within its water tariff structure to change in times of scarcity.

However Canberra Business Chamber chief executive Robyn Hendry said the tariff structure should also allow for more flexibility in times of abundance.

Ms Hendry said the current charges made it more economical for businesses to invest in their own water infrastructure - like water extraction licences, bores or catchments - rather than relying on Icon.

That's a problem, as Icon Water's five biggest users consume about 1000 Olympic swimming pools per year - or 2,500,000 kilolitres - and bring in and approximately $13 million dollars of revenue.

In comparison, the average Canberra household uses about 200 kilolitres per year.

"Not only does that mean that private investment can't go to more productive things, but it also means that Icon Water [is] in jeopardy of losing [its] biggest clients and therefore can't get a return on [its] own investment," Ms Hendry said.

She said the ACT was one of only two jurisdictions in Australia that didn't distinguish between residential and commercial water tariffs, and it was high time to change that.

"We've got several drivers to encourage that [change]. One is there's been enormous investment in dam and related infrastructure so that means we've got water security as far as the eye can see and the weather conditions have been really conducive to ensure we've got maximum assets of water," Ms Hendry said.

"What we also need to do is diversify and grow our economy in areas like tourism where we want more hotels, we want more products and services that encourage people to visit Canberra, just by way of one example. We want to encourage development and we don't want our water input costs to be so high they make us not competitive to other tourism destinations and starve off investment."

ClubsACT chief Gwyn Rees said many clubs invested in off-network water years ago, during a period in which water charges rapidly rose for larger users by 400 per cent.

He said irrigating a sports oval in Canberra could cost $120,000 a year, double the price it would be in Sydney.

"We need to strike a balance between residential and commercial rates for water," Mr Rees said.

"In 2004 the cost of potable water was just $1.05 per kilolitre and now presently sits at $5.22 per kilolitre for a larger user.

"The pricing of water in the ACT is in stark contrast to other jurisdictions where commercial rates are the rule rather than the exception."

In ClubsACT's submission to the ICRC last June, it said Icon had indicated the tiered system sent a price signal to users to promote responsible usage.

"Price signals are only effective where the user has some capacity to modify their usage. For clubs where water use to maintain safe community facilities is simply a necessity, the price signal becomes price gouging," its submission said.

Icon Water would not be drawn on whether it would propose the introduction of a commercial tariff in its submission to the ICRC, which it will submit on June 30.

"As part of the regulatory submission process, Icon Water has undertaken and continues to undertake consultation with a range of stakeholders via the Talking Icon Water engagement program to form a proposed tariff structure to the ICRC for [its] consideration," an Icon Water spokeswoman said.

The ICRC will decide next May whether to change Icon's water and sewerage tariffs and the new tariffs will apply from July 1, 2018.