Thames Water hit with record £123m fine from watchdog
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Water company given largest penalty ever by Ofwat
- Ofwat has issued a £122.7 million penalty to Thames Water, the largest penalty it has ever issued, following investigations into wastewater management and dividend payments.
- Thames Water will pay £104.5 million for breaches of rules relating to its wastewater operations after Ofwat determined it "failed to protect the environment."
- An additional £18.2 million fine was levied against Thames Water for breaking rules related to dividend payments, marking the first dividend-related fine issued by the regulator.
- Ofwat's chief executive, David Black, stated that the investigation revealed a series of failures by Thames Water to maintain adequate infrastructure and that the company did not offer an acceptable redress package for environmental benefit.
- Thames Water, which serves 16 million customers across London and the South East, is approximately £19 billion in debt and recently increased consumer water bills by an average of 31 per cent.