Thames Water, the UK’s greatest water supplier, has been hit by a report positive by regulator Ofwat.
The corporate has been fined £122.7m following Ofwat’s “greatest and most advanced” investigation.
It follows two investigations associated to its wastewater operations and dividend payouts.
Of the entire positive, £104.5m – 9% of Thames Water’s turnover – has been levied for breaches of wastewater guidelines. It is just under the utmost 10% of turnover Ofwat might have utilized.
One other £18.2m penalty will likely be paid for breaches of dividend fee guidelines.
The positive will likely be paid by the corporate and its shareholders, Ofwat stated, fairly than prospects.
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It is dangerous information for Thames Water, which serves 16 million prospects throughout London and the South East, and has nearly fended off efficient nationalisation, having secured an emergency £3bn loan. Its money owed now prime £19bn.
These fines weren’t factored into Thames Water’s monetary planning for the subsequent 5 years. The corporate’s chief govt, Chris Weston, informed a recent sitting of the Atmosphere, Meals and Rural Affairs choose committee that Thames Water’s future was depending on Ofwat being lenient with fines.
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