Thames Water, the UK’s greatest water supplier, has been hit by a report tremendous by regulator Ofwat.
The corporate has been fined £122.7m following Ofwat’s “biggest and most complex” investigation.
It follows two investigations associated to its wastewater operations and dividend payouts.
Of the overall tremendous, £104.5m – 9% of Thames Water’s turnover – has been levied for breaches of wastewater guidelines. It is slightly below the utmost 10% of turnover Ofwat might have utilized.
One other £18.2m penalty might be paid for breaches of dividend cost guidelines.
The tremendous might be paid by the corporate and its shareholders, Ofwat mentioned, fairly than prospects.
Comply with The World
Hearken to The World with Richard Engel and Yalda Hakim each Wednesday
Faucet to comply with
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 current sitting of the Surroundings, Meals and Rural Affairs choose committee that Thames Water’s future was depending on Ofwat being lenient with fines.
Please refresh the web page for the fullest model.
