Thames Water non-executive director quits board of troubled utilities firm
7 months, 3 weeks ago

Thames Water non-executive director quits board of troubled utilities firm

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy A representative from Thames Water’s largest shareholder has quit the board of the troubled utilities giant. Michael McNicholas, a director at Canadian pension fund Omers Infrastructure, has said he will stand down from his role as a non-executive director at Thames Water Utilities Limited “with immediate effect”. “Thames Water continues to meet Ofwat’s expectation that independent non-executive directors form the largest single group on the board and the UK corporate governance code requirement that, excluding the chairman, independent non-executive directors make up at least half the board membership.” In March, Thames Water bosses admitted the firm could face the risk of emergency nationalisation after shareholders refused to provide more cash for the firm. Last month, Thames Water put forward new plans to boost spending and investment in its network, but warned this could see customer bills surge by 44%.

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History of this topic

Revealed: The water firm bosses who claim millions in pay and benefits - despite bills increasing
3 weeks ago

Revealed: The water firm bosses who claim millions in pay and benefits - despite bills increasing

Daily Mail  

Water company fat cats who pollute Britain’s seas, rivers and streams claim millions in pay and perks while blowing similar amounts on fines for their poor performance. Thames Water boss Chris Weston who became CEO of struggling Thames Water in January UK’s worst-performing water company Dŵr Cymru Welsh Water, is run by former electricity board boss Peter Perry The UK’s …

How water firms could rinse the taxpayer
3 weeks ago

How water firms could rinse the taxpayer

The Independent  

It was probably not the best day for the water industry regulator to announce that average bills in England and Wales will increase by 36 per cent over the next five years. Its debts of around £18bn are simply too large to service without swingeing increases in bills and possible taxpayer assistance – subsidies that will end up in the …

Thames Water slapped with £18m fine by Ofwat for dishing out 'unjustified' dividends
3 weeks ago

Thames Water slapped with £18m fine by Ofwat for dishing out 'unjustified' dividends

Daily Mail  

Thames Water has been handed an £18.2million fine after regulator Ofwat used powers to crack down on firms paying 'unjustified' dividends for the first time. The regulator said Thames Water made interim dividend payouts totalling £37.5million to its holding company, Thames Water Utilities Holdings Limited, in October last year and further payouts of about £158.3million in March 2024. The ruling …

Creditors in High Court row over Thames Water restructuring plans
3 weeks, 2 days ago

Creditors in High Court row over Thames Water restructuring plans

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. But this is opposed by a secondary group of …

Thames Water boss defends bonuses and repeats calls for steep bills hikes
4 weeks, 2 days ago

Thames Water boss defends bonuses and repeats calls for steep bills hikes

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Regulator Ofwat revealed in November that Thames Water was …

Thames Water receives buyout offer from investment group Covalis Capital
1 month ago

Thames Water receives buyout offer from investment group Covalis Capital

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Investment firm Covalis Capital has …

Water firms blocked from using customer cash for ‘undeserved’ £6.8m boss bonuses
1 month, 2 weeks ago

Water firms blocked from using customer cash for ‘undeserved’ £6.8m boss bonuses

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Nine water companies, including stricken …

Water firms blocked from using billpayer cash for ‘unjustifiable’ bonuses
1 month, 2 weeks ago

Water firms blocked from using billpayer cash for ‘unjustifiable’ bonuses

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Troubled Thames Water is among …

Thames Water: Fears of more bill hikes as £38bn bill revealed
1 month, 3 weeks ago

Thames Water: Fears of more bill hikes as £38bn bill revealed

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. A spokesperson for Thames Water said: “We take a rigorous approach to financial discipline …

Thames Water: Why does the struggling water firm need emergency funding?
2 months, 2 weeks ago

Thames Water: Why does the struggling water firm need emergency funding?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Thames Water has said it …

Ratings agencies downgrade Thames Water further into ‘junk’ status
3 months, 1 week ago

Ratings agencies downgrade Thames Water further into ‘junk’ status

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Credit agencies Moody’s and S&P …

Thames Water debt emergency seized on by US hedge funds
4 months ago

Thames Water debt emergency seized on by US hedge funds

The Telegraph  

A combative Wall Street hedge fund is positioned to play a central role in the future of Thames Water after scooping up the company’s loans at knockdown prices. New York-based Elliott Management is among a pack of aggressive US players to have hoovered up Thames Water debt at steep discounts in an attempt to capitalise on the financial uncertainty engulfing …

Thames Water creditors seek peace deal to avoid threat of nationalisation
4 months ago

Thames Water creditors seek peace deal to avoid threat of nationalisation

The Telegraph  

Creditors to Thames Water are attempting to broker a peace deal between the beleaguered supplier and regulator Ofwat amid fears that a breakdown in relations between the two sides risks speeding up the company’s demise. Sources involved in attempts to stop Thames Water being nationalised are warning privately that it may prove impossible to draw up a rescue deal unless …

Thames Water proposes huge new bills hike
4 months, 1 week ago

Thames Water proposes huge new bills hike

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. In its response to Ofwat’s draft determination on water companies’ …

Thames Water Creditor Abrdn Sees Bond Losses of Up to 20%
5 months, 3 weeks ago

Thames Water Creditor Abrdn Sees Bond Losses of Up to 20%

Live Mint  

-- One of Thames Water Ltd.’s key bondholders says a turnaround of the company envisioned by the government regulator has raised the likelihood of significant losses on its top-ranked securities. Luke Hickmore, investment director at Abrdn Investment Management Ltd., said it will be harder for the UK’s biggest water and sewage company to attract a new buyer without imposing losses …

Water investors have withdrawn billions from private companies, analyst claims
7 months, 2 weeks ago

Water investors have withdrawn billions from private companies, analyst claims

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Shareholders in some of the UK’s largest water companies have …

Thames Water is worthless, says biggest investor
7 months, 3 weeks ago

Thames Water is worthless, says biggest investor

The Telegraph  

Thames Water’s biggest investor has slashed the value of its stake in the company to zero in a move that renders the troubled supplier effectively worthless, The Telegraph can disclose. The Canadian pension fund Omers said it has been forced into a “full write down” of its investment in Thames, a day after withdrawing its representative from the utility company’s …

Ofwat explores Thames Water break-up in ‘Project Telford’ rescue plan
8 months, 2 weeks ago

Ofwat explores Thames Water break-up in ‘Project Telford’ rescue plan

The Telegraph  

The water regulator is working on rescue plans for Thames Water that could see its sprawling operations dismantled and sold off as piecemeal to rival suppliers. Codenamed Project Telford, Ofwat has tasked a former private equity banker with overseeing its contingency plan for the utility giant, which is battling to stave off collapse under the weight of an £18bn debt …

Thames Water seeks 45pc bill rise as it piles pressure on Ofwat
8 months, 2 weeks ago

Thames Water seeks 45pc bill rise as it piles pressure on Ofwat

The Telegraph  

It emerged on Monday that feared US hedge fund Elliott, owner of Waterstones, has been buying up debt in Thames Water in a bid to profit from its recent turmoil, the Financial Times reported. The need for increased revenues at Thames Water has been made increasingly acute after shareholders, such as China’s sovereign wealth fund, cut off funding last month. …

Raising bills to pay for Thames Water failures ‘utterly outrageous’, says Hunt
8 months, 4 weeks ago

Raising bills to pay for Thames Water failures ‘utterly outrageous’, says Hunt

The Telegraph  

Jeremy Hunt has said that it would be “utterly outrageous” for Ofwat to grant Thames Water’s demands for higher household bills as it faces potential insolvency. The Chancellor said shareholders in the embattled utility company had “an obligation to sort out the mess”, when asked whether they had a duty to inject more cash into the business. Speaking at a …

Thames Water plots break-up as it scrambles to avoid nationalisation
9 months ago

Thames Water plots break-up as it scrambles to avoid nationalisation

The Telegraph  

Thames Water is exploring a radical break-up plan as the threat of nationalisation moves closer. A carve-up of the company is among several options being studied by executives as Thames attempts to navigate a severe cash crunch that could precipitate its collapse. Under the proposals being looked at, Thames Water, which serves 16 million customers, could be split into two …

Thames Water hires Bulb collapse adviser in scramble to avoid nationalisation
9 months, 1 week ago

Thames Water hires Bulb collapse adviser in scramble to avoid nationalisation

The Telegraph  

Thames Water has hired the restructuring firm that worked on the special administration of Bulb Energy as it scrambles to stave off nationalisation. Concerns are growing that the UK’s largest water company, which serves 15 million people, could be taken over by the Government in a special administration amid a standoff between its shareholders and the water industry regulator. The …

Thames Water under threat of nationalisation as shareholders refuse to inject £500m lifeline
9 months, 1 week ago

Thames Water under threat of nationalisation as shareholders refuse to inject £500m lifeline

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Thames Water’s sewage treatment works have come under scrutiny The …

Thames Water: Who owns the struggling water service – and could it be nationalised?
9 months, 1 week ago

Thames Water: Who owns the struggling water service – and could it be nationalised?

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. If Thames Water’s financial issues cause it to become unable to deliver its services …

Thames Water dividend payouts in spotlight after shareholders pull funding
9 months, 1 week ago

Thames Water dividend payouts in spotlight after shareholders pull funding

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The UK’s largest water company …

Five water firms in court over allegations of under-reporting pollution
9 months, 3 weeks ago

Five water firms in court over allegations of under-reporting pollution

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Five UK water companies have …

Thames Water hires new boss on pay deal worth up to £2.3m
1 year ago

Thames Water hires new boss on pay deal worth up to £2.3m

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Thames Water has hired a …

Troubled Thames Water names former Centrica executive as its new boss
1 year ago

Troubled Thames Water names former Centrica executive as its new boss

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Thames Water has named a …

Thames Water asked to explain how dividend payment does not break Ofwat rules
1 year, 1 month ago

Thames Water asked to explain how dividend payment does not break Ofwat rules

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Ofwat has asked Thames Water …

Thames Water to cut 300 jobs as it battles £14bn debt pile
1 year, 2 months ago

Thames Water to cut 300 jobs as it battles £14bn debt pile

The Telegraph  

Thames Water is preparing to cut 300 jobs as the debt-laden supplier struggles to improve its finances. A Thames Water spokesman said: “The last year has been an extremely challenging year for the business and we continue to take a rigorous approach to financial discipline throughout the company in order to operate within budget. A Thames Water spokesman said: “We …

Ofwat names four worst performing water firms as £1.4bn paid out to shareholders
1 year, 2 months ago

Ofwat names four worst performing water firms as £1.4bn paid out to shareholders

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Water regulator Ofwat has named …

Thames Water says it faces £2.5bn budget black hole unless investors can make more money
1 year, 3 months ago

Thames Water says it faces £2.5bn budget black hole unless investors can make more money

The Telegraph  

Ofwat’s proposed rate of return on equity is 6.3pc. The company said: “There are thousands upon thousands of other places that an investor can invest their money, and almost all these alternative investments are nowadays paying significantly higher returns than was the case prior to 2021, following a marked rise in global interest rates. “It follows that if we are …

Thames Water averts nationalisation threat with £750m funding lifeline
1 year, 5 months ago

Thames Water averts nationalisation threat with £750m funding lifeline

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Britain’s biggest water supplier said the initial funding agreement …

Architect of water privatisation defends decision amid Thames Water turmoil
1 year, 6 months ago

Architect of water privatisation defends decision amid Thames Water turmoil

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Lord Michael Howard, one of …

Thames Water crisis explained as utility giant serving 15m people faces collapse
1 year, 6 months ago

Thames Water crisis explained as utility giant serving 15m people faces collapse

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. He told Sky News: “Absolutely nothing is going to happen …

Water bosses hold secret meeting to fight off nationalisation
1 year, 6 months ago

Water bosses hold secret meeting to fight off nationalisation

The Telegraph  

The boss of Severn Trent has called in an urgent meeting with utilities bosses in an effort to ward off the threat of nationalisation under a potential Labour government. Liv Garfield, who is paid £4m-a-year to lead the FTSE 100 company, sent an email to her counterparts asking them to join a roundtable to discuss the future of the utilities …

Thames Water demonstrates that privatisation is not fit for purpose
1 year, 6 months ago

Thames Water demonstrates that privatisation is not fit for purpose

The Independent  

Environmental quality and resilience minister Rebecca Pow states that “the government is confident that Ofwat, as the economic regulator for the water industry, is working with any company that is facing financial distress”. The Independent’s informative article by Sean O’Grady makes the observation that “privatisation was a great symbol of Thatcherism and the Conservative belief in the ability of free …

Thames Water appoints new chair as questions swirl about its future
1 year, 6 months ago

Thames Water appoints new chair as questions swirl about its future

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Thames Water has chosen a …

Thames Water has ‘secure and committed’ funding, Government insists
1 year, 6 months ago

Thames Water has ‘secure and committed’ funding, Government insists

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Government has doubled down …

Emergency plans ‘drawn up for Thames Water collapse’ as water firm racks up £14bn debt
1 year, 6 months ago

Emergency plans ‘drawn up for Thames Water collapse’ as water firm racks up £14bn debt

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Sarah Bentley was paid £1.6mn despite giving up bonus Environment minister Rebecca Pow told …

Thames Water boss quits after giving up bonus over sewage spills
1 year, 6 months ago

Thames Water boss quits after giving up bonus over sewage spills

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The boss of Thames Water has quit weeks after being …

Thames Water boss quits amid race to raise £1bn from investors
1 year, 6 months ago

Thames Water boss quits amid race to raise £1bn from investors

The Telegraph  

The boss of Thames Water has quit as the company races to raise £1bn from its shareholders. Sarah Bentley’s surprise departure comes amid long-running talks between the owners of Britain’s biggest water company about how to pay for additional investment in the company. Ms Bentley stepped down just weeks after saying she was part of a “relatively new team” trying …

Thames Water taps investors for cash as it boosts overhaul plans
2 years, 6 months ago

Thames Water taps investors for cash as it boosts overhaul plans

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Thames Water is making a …

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