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.
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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