Water firms blocked from using customer cash for ‘undeserved’ £6.8m boss bonuses
1 month 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 Thames Water, have been stopped from using customer money to fund “undeserved” bonuses for top bosses worth £6.8m. Ofwat said it had stepped in to halt water companies that cannot show that bonuses are sufficiently linked to performance from using customer money to fund the payouts. “While we are starting to see companies take some positive steps, they need to do more to rebuild public trust.” Ofwat said new rules on water company bonuses and dividend payouts to shareholders were “beginning to bite” in their first full year since being introduced. “Through these new rules, our enforcement action and our incentive regime, which has imposed £430m in performance penalties since 2020, we are challenging companies to deliver improvements for both customers and the environment.” Water watchdog Ofwat is expected to confirm in December how much it will allow water companies to increase their bills over the next five years.

Performance Water Companies Pay Boss Customer Bonuses Thames Water Water Companies Ofwat Payouts  worth  using  cash  performance  boss  68m  companies  blocked  sign  payouts  thames  shareholders  firms  bonuses  water  pay  customer  undeserved

History of this topic

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

Fatcat water firm bosses are accused of fleecing households with eye-watering bill hikes to subsidise the broken industry
4 days ago

Fatcat water firm bosses are accused of fleecing households with eye-watering bill hikes to subsidise the broken industry

Daily Mail  

Fat cat water bosses were last night accused of fleecing households with eye-watering bill hikes to subsidise the broken industry – as they enjoyed bumper bonuses for failure. Mark this day, for it is the day you became angry.’ Singer turned water campaigner Feargal Sharkey said that Ofwat is making people pay 'for decades of criminal activity' Aerial view of …

Thames Water slapped with £18m fine by Ofwat for dishing out 'unjustified' dividends
4 days, 14 hours 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 …

Water bills set to surge by 36%, regulator Ofwat says
Trending News
4 days, 16 hours ago

Water bills set to surge by 36%, regulator Ofwat says

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 Average water bills in England and Wales will increase by …

Brits get soaked again! Check how much YOUR water bill is going up by after watchdog signs off massive hikes... with some places facing 53% rise PLUS inflation
4 days, 16 hours ago

Brits get soaked again! Check how much YOUR water bill is going up by after watchdog signs off massive hikes... with some places facing 53% rise PLUS inflation

Daily Mail  

Water bosses were today given the green light for huge bill hikes averaging 36 per cent over the next five years. Southern Water customers are being hit hardest with bills going up 53 per cent over the period - and inflation projected to add another 10 per cent. The water firms provide supplies to England and Wales The proposed bill …

Government breached law by allowing water firms to discharge sewage, watchdog finds
6 days, 8 hours ago

Government breached law by allowing water firms to discharge sewage, watchdog finds

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. Summary The Office for Environmental Protection ruled that the UK government and regulatory bodies …

Creditors in High Court row over Thames Water restructuring plans
6 days, 9 hours 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 …

Households ‘to be hit with hike in water bills of at least 20 per cent’ sparking backlash
1 week, 1 day ago

Households ‘to be hit with hike in water bills of at least 20 per cent’ sparking backlash

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Households are going to be hit with a hike in water …

Thames Water boss defends bonuses and repeats calls for steep bills hikes
1 week, 6 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 is a leaky pipe – so why are bidders fighting to buy it?
2 weeks, 3 days ago

Thames Water is a leaky pipe – so why are bidders fighting to buy it?

The Independent  

It’s not Thames Water anymore and it hasn’t been that for quite some time; it’s Thames Wat-er-mess. The tragedy of this now-zombie company – which has warned that it will run out of cash sometime next year – is that things like leaks, customer service and the untreated sewage that keeps getting pumped into the environment aren’t anywhere near the …

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

Southern Water gets rating downgrade amid ‘challenging funding conditions’
1 month ago

Southern Water gets rating downgrade amid ‘challenging funding conditions’

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 Southern Water has suffered another …

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

One of Britain’s worst-performing water suppliers turns to vulture funds for rescue deal
1 month, 2 weeks ago

One of Britain’s worst-performing water suppliers turns to vulture funds for rescue deal

The Telegraph  

One of Britain’s worst-performing water companies has turned to vulture funds for crunch funding as mainstream lenders turn their backs on the beleaguered sector. Southern Water, which supplies more than 2m homes, is understood to have secured a deal with a group of hedge funds after struggling to raise fresh funding from the conventional capital markets. Last week, S&P lowered …

Polluting water companies to face lighter punishments despite public outrage
1 month, 3 weeks ago

Polluting water companies to face lighter punishments despite public outrage

The Telegraph  

Failing water companies face lighter punishments under a climbdown being prepared by the industry regulator, risking an increase in leakages, water supply interruptions, and pollution. Investors in Britain’s water sector have rounded on the watchdog, claiming its hardline stance risks deterring further foreign investment in the industry at a time when it is crying out for billions of pounds of …

Thames Water: Why does the struggling water firm need emergency funding?
1 month, 4 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 …

Water companies push for higher bills again as customers face up to 84% hike
2 months ago

Water companies push for higher bills again as customers face up to 84% hike

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 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. Please try again later {{ …

Water firms to return £158m to customers over leaks and pollution failings
2 months, 2 weeks ago

Water firms to return £158m to customers over leaks and pollution failings

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 companies will have to …

Water companies ordered to pay back £158m to customers
2 months, 2 weeks ago

Water companies ordered to pay back £158m to customers

The Telegraph  

Water companies have been ordered to return £158m to households as they were rebuked over their poor performance. It comes after water companies’ sewage spills into English rivers and seas more than doubled last year, adding to growing public outrage over the privatised utilities sector. Ofwat chief executive David Black warned that water companies kept blaming “outside causes” rather than …

Ratings agencies downgrade Thames Water further into ‘junk’ status
2 months, 3 weeks 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 …

Water companies 'lied over sewage discharges'
2 months, 4 weeks ago

Water companies 'lied over sewage discharges'

China Daily  

A drone view shows Mogden sewage treatment works, owned by Thames Water, in west London, Britain on July 9. It is alleged that the companies, including the largest, Thames Water, which has around 15 million customers, have under-reported the number of sewage discharges to the water industry regulator Ofwat, enabling them to charge customers higher bills, with Reuters reporting that …

Water nationalisation comes with more-than £99 billion price tag, minister warns
3 months ago

Water nationalisation comes with more-than £99 billion price tag, minister warns

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 Nationalising water firms would cost …

Starmer plots to raise bills to fund Thames Water bailout
3 months ago

Starmer plots to raise bills to fund Thames Water bailout

The Telegraph  

Sir Keir Starmer is planning to allow water bills across the country to be raised to pay for a Government bailout of Thames Water. New legislation will let the Government charge all water companies the full £10 billion cost if ministers decide to take over the struggling company. Thames Water has more than £15 billion of debt, and said in …

Thames Water debt emergency seized on by US hedge funds
3 months, 2 weeks 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
3 months, 2 weeks 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
3 months, 3 weeks 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’ …

Water suppliers brace for £2bn in sewage fines
4 months ago

Water suppliers brace for £2bn in sewage fines

The Telegraph  

Britain’s troubled water sector is facing the threat of £2bn in penalties over the next five years, as regulator Ofwat attempts to crack down on sewage failings. A report by the ratings agency Moody’s has predicted that tougher rules on pollution will spark a flood of regulatory fines, burdening many businesses already struggling to stay afloat. In Moody’s latest assessment …

Labour gets tough on water firms and ups compensation levels, with payouts set to double - here's how it works
4 months, 1 week ago

Labour gets tough on water firms and ups compensation levels, with payouts set to double - here's how it works

Daily Mail  

Households in England and Wales are set to get extra compensation from 'broken' water firms due to a government crackdown on customer service. Thames Oughta : Water companies have agreed to Labour's plans to invest heavily in upgrading the UK's neglected water mains to tackle the sewage crisis in rivers and seas Now the Government has plans to shake up …

Ofwat planning independent monitor for Thames Water after ratings downgrades
4 months, 2 weeks ago

Ofwat planning independent monitor for Thames Water after ratings downgrades

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 said on Wednesday that …

British water firms fined for sewage pollution
4 months, 2 weeks ago

British water firms fined for sewage pollution

China Daily  

A van for the water treatment company Thames Water, is driven along a residential street in Guildford, southern England, Aug 6, 2024. Three major water utility companies in the United Kingdom face 168 million pounds in fines for numerous illegal sewage releases into rivers and coastal waters. Ofwat stated that the water companies "failed to ensure that discharges of untreated …

Mapped: Sewage in English rivers as water companies face £168m in combined fines
4 months, 2 weeks ago

Mapped: Sewage in English rivers as water companies face £168m in combined fines

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. Please try again later {{ /verifyErrors }} Water regulator Ofwat …

Every river in England is polluted, new Environment Secretary Steve Reed warns as he backs 'severe fines' for utilities illegally pumping sewage into lakes and waterways
5 months ago

Every river in England is polluted, new Environment Secretary Steve Reed warns as he backs 'severe fines' for utilities illegally pumping sewage into lakes and waterways

Daily Mail  

Every single river in England is polluted, the new Environment Secretary claimed today as he backed new 'severe fines' for water companies. He spoke out after regulator Ofwat last week revealed all 11 water firms in England and Wales are under scrutiny as part of a major investigation into sewage pollution in rivers. He spoke out after regulator Ofwat last …

New regulations as Labour tries to answer public anger over water companies
5 months ago

New regulations as Labour tries to answer public anger over water companies

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 is bringing in …

Thames Water Creditor Abrdn Sees Bond Losses of Up to 20%
5 months, 1 week 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 …

Troubled Thames Water braces for enormous fines in latest Ofwat crackdown
5 months, 1 week ago

Troubled Thames Water braces for enormous fines in latest Ofwat crackdown

The Telegraph  

Thames Water is bracing for an avalanche of fresh fines running into the hundreds of millions of pounds as it battles to stave off emergency nationalisation. The Telegraph understands Thames is facing steep penalties from Ofwat, the industry regulator, for a catalogue of mistakes and scandals including unsanctioned dividend payments, sewage dumping, and missing basic performance targets. Ofwat is also …

Fury as water bills are set to rise by £94 over next five years as regulator allow firms to hike prices by 21 per cent - so how much is your bill going up by?
5 months, 1 week ago

Fury as water bills are set to rise by £94 over next five years as regulator allow firms to hike prices by 21 per cent - so how much is your bill going up by?

Daily Mail  

In 2023, there 3.6 million hours of sewage spills in England's rivers and seas Customers have been left outraged after water bill hikes were revealed today with prices set to soar by £94 in five years. Regulator Ofwat has allowed firms to increase bills by 21 per cent, amid public outrage over polluted water ways and 3.6 million hours worth …

Starmer vows to make underperforming water bosses ‘personally responsible’
5 months, 1 week ago

Starmer vows to make underperforming water bosses ‘personally responsible’

The Telegraph  

It emerged on Thursday that Britain’s biggest water company, which serves 16 million customers in London and the south east, will face more intrusive oversight from Ofwat after being put into special measures. Chris Walters, an Ofwat director said: “It is difficult for us to stand behind a plan that a board can’t stand behind.” As part of its announcement …

Here’s how our water crisis could be fixed – without costly nationalisation
6 months, 3 weeks ago

Here’s how our water crisis could be fixed – without costly nationalisation

The Independent  

It was always going to happen, of course. Talking to industry experts and analysing the legal aspects, has seen him produce a paper: “Action to Change UK Water Companies: incentives to invest”. Currently, water companies are vertically integrated regional monopolies – in essence, they do everything regarding water and they face no competition in their local area. It has the …

Thames Water could dump more sewage in rivers under ‘recovery regime’
6 months, 3 weeks ago

Thames Water could dump more sewage in rivers under ‘recovery regime’

The Telegraph  

Thames Water and other struggling utility companies will be allowed to release more sewage into Britain’s rivers under controversial plans being drawn up by regulators. Ofwat, the industry watchdog, is reportedly considering a new “recovery regime” for troubled water suppliers, similar to the special measures system imposed on failing schools. It comes ahead of the summer period, when water companies …

Water investors have withdrawn billions from private companies, analyst claims
7 months 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 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 …

Troubled water company warns of 44% increase in bills
8 months ago

Troubled water company warns of 44% increase in bills

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, which is battling to survive amid a funding …

Fears that customers' Thames Water bills could surge by 44 percent as troubled water company admits it needs £1.1billion more than it thought to fix sewage spills and leaks
8 months ago

Fears that customers' Thames Water bills could surge by 44 percent as troubled water company admits it needs £1.1billion more than it thought to fix sewage spills and leaks

Daily Mail  

There are fears that customers' Thames Water bills could surge by 44 per cent as the troubled water company unveiled new plans to boost spending. The utility giant - Britain's biggest water firm, with 16 million customers in London and the Thames Valley region - said its new business plan for the five years to 2030 would see spending rise …

Thames Water seeks 45pc bill rise as it piles pressure on Ofwat
8 months 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, 1 week 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
8 months, 2 weeks 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 …

Chinese state-owned banks among lenders Thames Water owes money to – reports
8 months, 2 weeks ago

Chinese state-owned banks among lenders Thames Water owes money to – reports

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 Two Chinese state-owned banks and …

Thames Water under threat of nationalisation as shareholders refuse to inject £500m lifeline
8 months, 3 weeks 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?
8 months, 3 weeks 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 …

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