Thames Water hit with biggest ever penalty over sewage and dividend breaches
Summary
Thames Water has been fined £122.7 million for breaking rules about how it handles sewage and pays its shareholders. The penalty, announced by the water regulator Ofwat, is the largest it has ever issued. The money for the fines will come from the company and its investors, not from customers.Key Facts
- Ofwat fined Thames Water £122.7 million for rule violations concerning sewage and shareholder payments.
- Ofwat conducted its largest investigation to reach this decision.
- The £104.5 million fine was for issues with sewage operations.
- An additional £18.2 million fine was for inappropriate shareholder payouts.
- Thames Water has a large debt of £20 billion and secured a £3 billion emergency loan in March.
- Thames Water is in "cash lock up," meaning it cannot pay dividends without approval.
- Water bills for customers in England and Wales rose by an average of £10 per month recently.
- Despite the financial troubles, water and waste services will continue as usual for Thames Water customers.
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