Ofwat explores Thames Water break-up in ‘Project Telford’ rescue plan
7 months, 3 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 pile. One of the scenarios under consideration by the watchdog is a radical break-up of Thames, which is Britain’s biggest utility company that provides water and sewage services to 16 million households. Among a range of scenarios being explored by Ofwat is an even more radical break-up of Thames Water than had previously been envisaged.

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History of this topic

Thames Water slapped with £18m fine by Ofwat for dishing out 'unjustified' dividends
4 days, 17 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 …

Creditors in High Court row over Thames Water restructuring plans
6 days, 11 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 …

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: 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 …

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 …

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 …

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 …

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: 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 …

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 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, 1 month 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, 1 month 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 …

Great British water crisis: From Thatcher’s pipe dream to busted flush
1 year, 5 months ago

Great British water crisis: From Thatcher’s pipe dream to busted flush

The Independent  

Back in the late 1980s, Mrs Thatcher was in her pomp. Michael Howard, the minister in charge of flogging water, pledged the companies would be embarking upon “the biggest programme of sustained investment in their history”. Currently, my eldest son lives in Whitstable, in Kent, and he can’t swim in the sea – part of his reason for living there …

Thames Water crisis explained as utility giant serving 15m people faces collapse
1 year, 5 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 …

Thames Water demonstrates that privatisation is not fit for purpose
1 year, 5 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 …

Emergency plans ‘drawn up for Thames Water collapse’ as water firm racks up £14bn debt
1 year, 5 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 taps investors for cash as it boosts overhaul plans
2 years, 5 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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