Thames Water

[JohnD]

"Thames Water is facing fresh scrutiny from lawmakers and regulators over the state of its finances.

Ofwat, the watchdog, on Tuesday said it was investigating a £37.5mn dividend that Britain’s biggest water company paid in October"

FT.com

 

[JohnD]

"Ofwat said: “Following notification that Thames Water has paid a dividend to shareholders, Ofwat is investigating whether this payment meets its licence requirements.”

The probe follows the introduction of licence conditions in May that requires companies to consider requirements to look after customers and the environment before paying dividends, and ensure “financial resilience over the long term”. If Thames Water is found to have breached rules it could face a fine equivalent to 10 per cent of turnover."

 

[JohnD]

"Concerns have risen over the financial stability of Thames Water, which provides water and sewerage services to about a quarter of the population in England. The company has faced larger financing costs on its £14.7bn debt pile, as well as bigger labour and energy bills. Meanwhile, it also faces an outcry over sewage pollution.

Fears for the company’s future deepened last week when the Financial Times revealed Thames Water had presented a £515mn shareholder loan to its unregulated parent group, charging 8 per cent interest, as fresh equity. The parent, Kemble Water, then cascaded £500mn of this borrowed money down the chain of holding companies that own Thames Water into the regulated utility as equity.

The Environment, Food and Rural Affairs Committee on Tuesday said it has demanded Thames Water bosses return so MPs can examine whether the company misled parliament when it told the committee in July that shareholders had provided £500mn of equity."

 

[transam]

Run by spivs and crooks with there snouts in the trough imo

 

[Mottie]

Thames Water mucked me about for a while when they had to replace my drains earlier this year, saying they had no money in the budget! It was an @£80K job that took six weeks and a road closure for a month. I had to nag, nag, nag the CEO non-stop to get them done. In the end, the squeaky wheel got the oil. Not long after that, she resigned. I like to think I had a small part in that…..

 

[sxturbo]

Tis quite the disgrace.

Though tbh I don't hold ofwat in high estime so it likely be brushed under the carpet

 

[blup]

Brushed under the carpet, or they've had a political nudge to do something about it because of the public outcry/embarrassment to senior tory politicians.

Blup

 

[Mottie]

Thames Water mucked me about for a while when they had to replace my drains earlier this year, saying they had no money in the budget! It was an @£80K job that took six weeks and a road closure for a month. I had to nag, nag, nag the CEO non-stop to get them done. In the end, the squeaky wheel got the oil. Not long after that, she resigned. I like to think I had a small part in that…..

View attachment 324015

They've been back surveying over the past few weeks. Today I came home from my daily dog walk and they were in my next door but one neighbours drive and had the manhole cover up. They had one big truck and about 4 smaller contractors vans. I asked them what they were doing and they said they were drilling and lining the drain that led to that manhole from 9 properties up the street. One contractor says the whole street and a few others are planned to be done in the coming weeks/months. At least we got ours replaced rather than lined.