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Introduction: Ofwat fines Thames Water just about £123m
Good morning, and welcome to our rolling protection of industrial, the monetary markets and the arena financial system.
The nationwide water regulator Ofwat has fined Thames Water just about £123m after two investigations into the corporate.
The watchdog has ordered Thames Water to pay a £104.5m penalty for breaches of regulations hooked up to its wastewater operations, which is the most important penalty that Ofwat has ever issued.
That is on best of an extra penalty of £18.2m for breaches in the case of dividend bills. It represents the primary time Ofwat has taken motion towards an organization that has paid dividends irrespective of its efficiency.
The watchdog discovered Thames Water has led to an “unacceptable impact on the environment and customers”.
David Black, the manager govt of Ofwat, has mentioned:
This is a straight forward case the place Thames Water has let down its consumers and failed to give protection to the surroundings. Our investigation has exposed a sequence of screw ups via the corporate to construct, take care of and function ok infrastructure to fulfill its tasks. The corporate additionally didn’t get a hold of an appropriate redress bundle that might have benefited the surroundings, so we’ve imposed a vital monetary penalty.
Thames Water has mentioned that it takes its duty in opposition to the surroundings “very seriously”.
A spokesperson for Britain’s greatest water corporate has mentioned:
We take our duty in opposition to the surroundings very significantly and word that Ofwat recognizes we’ve already made growth to deal with problems raised within the investigation in the case of typhoon overflows.
The dividends have been declared following a attention of the Company’s prison and regulatory tasks.
Our lenders proceed to fortify our liquidity place and our fairness lift procedure continues.
The schedule
-
8AM BST: Kantar grocery store numbers
-
8:55AM BST: German unemployment information
-
9:30AM BST: ONS operating and workless families information
Environment secretary Steve Reed has mentioned the federal government has introduced the hardest crackdown on water firms in historical past.
Last week we introduced a file 81 legal investigations were introduced into water firms. Today Ofwat announce the most important tremendous ever passed to a water corporate in historical past.
The technology of benefiting from failure is over. The Government is cleansing up our rivers, lakes and seas for just right.
Introduction: Ofwat fines Thames Water just about £123m
Good morning, and welcome to our rolling protection of industrial, the monetary markets and the arena financial system.
The nationwide water regulator Ofwat has fined Thames Water just about £123m after two investigations into the corporate.
The watchdog has ordered Thames Water to pay a £104.5m penalty for breaches of regulations hooked up to its wastewater operations, which is the most important penalty that Ofwat has ever issued.
That is on best of an extra penalty of £18.2m for breaches in the case of dividend bills. It represents the primary time Ofwat has taken motion towards an organization that has paid dividends irrespective of its efficiency.
The watchdog discovered Thames Water has led to an “unacceptable impact on the environment and customers”.
David Black, the manager govt of Ofwat, has mentioned:
This is a straight forward case the place Thames Water has let down its consumers and failed to give protection to the surroundings. Our investigation has exposed a sequence of screw ups via the corporate to construct, take care of and function ok infrastructure to fulfill its tasks. The corporate additionally didn’t get a hold of an appropriate redress bundle that might have benefited the surroundings, so we’ve imposed a vital monetary penalty.
Thames Water has mentioned that it takes its duty in opposition to the surroundings “very seriously”.
A spokesperson for Britain’s greatest water corporate has mentioned:
We take our duty in opposition to the surroundings very significantly and word that Ofwat recognizes we’ve already made growth to deal with problems raised within the investigation in the case of typhoon overflows.
The dividends have been declared following a attention of the Company’s prison and regulatory tasks.
Our lenders proceed to fortify our liquidity place and our fairness lift procedure continues.
The schedule
-
8AM BST: Kantar grocery store numbers
-
8:55AM BST: German unemployment information
-
9:30AM BST: ONS operating and workless families information
