The UK’s largest water company has been fined £18.2m for “unjustified” dividends which the regulator said broke shareholder payment rules. Thames water has been hit with a penalty by water regulator Ofwat over £195.8 million in dividends paid in October 2023 and March 2024. This is the first time Ofwat has used such enforcement powers … Read more
Thames Water has won court approval to proceed with the next phase of securing a £3 billion emergency loan, with a hearing to seek approval from creditors scheduled for four days in the first week of February. The troubled utility told the High Court that without the loan it would run out of cash by … Read more
Thames Water has revealed a 40% increase in sewage spills while warning that a looming decision on what it can charge its customers is “fundamental to our future”. The UK’s biggest supplier, which is struggling to avoid the prospect of a special administration amid massive debt, has always maintained that the regulator’s decision on its … Read more
One of Britain’s leading financial mutuals is in talks to buy Dalmore Capital, the infrastructure investor with a stake in the Thames “super sewer”. Sky News has learned that Royal London is among the suitors surrounding Dalmore, which began considering a sale earlier this autumn. Royal London’s interest is serious but has not yet resulted … Read more
Eliminating all incidents of pollution in the Thames Water network will be “nearly impossible” and a public debate is needed on the true cost of stopping all wastewater discharges, chief executive Chris Weston has said. Speaking on the occasion of the revelation of the company’s interim results pollution incidents increased by 40%Mr Weston said customers’ … Read more
The UK’s biggest water supplier has received another offer, despite declaring itself ‘non-investable’. The latest bid for Thames Water came from infrastructure investor Covalis Capital, which would use French utility Suez, the company confirmed on Friday morning. If agreed, the supplier could be split into smaller companies, the Financial Times reported, and Suez would be … Read more
Thames Water’s largest group of creditors has failed to secure a veto over whether a £3bn emergency cash injection would be used to settle regulatory fines imposed over a series of breaches in terms of environment and performance. Sky News can reveal a clause stipulating the company’s A lenders – who account for well over … Read more
Crisis-hit Thames Water says it has received enough support from its creditors to potentially secure up to £3 billion in emergency funding. The UK’s largest water company has revealed that those holding more than 75% of its least risky debt have agreed to staged funding, saying the deal is expected to last until at least … Read more