Professor Dieter Helm has published a highly critical and detailed analysis of Thames Water, describing the deeply indebted utility as “a disaster of its own and the regulators’ making” and “badly managed and financially engineered.”
Thames Water says that based on the feedback provided by Ofwat to Thames Water to date, the regulatory arrangements that would be expected to apply to Thames Water in AMP8 make its PR24 plan uninvestible.
Thames Water has said that its current performance is falling short of expectations due to deteriorating asset health, climatic events and cost pressures.
Ofwat has told Thames Water that it does not expect dividend distribution by a regulated water company to be rationalised “primarily by reference to an amount required to service an obligation of another group company.”
A new report says water reform must be a priority for the next government and that it should commission a comprehensive, independent review of water management, to report within its first twelve months.
The Chief Executives and Chairs of both Thames Water and Ofwat endured intensive questioning yesterday from the House of Commons Environment Food and Rural Affairs Committee in a compelling live evidence session which at times made for uncomfortable viewing.
South East Water has paid out £2.25 million in dividends to investors for the six months tended 30 September 2023, compared to £4.5 million for the same period in 2022, according to its latest financial statements.
Ofwat has confirmed it is looking into the payment by Thames Water of a £37.5 million dividend payment to shareholders – the payment was set out in Thames Water Utilities Ltd Interim results for the six months period to 30 September 2023 published yesterday.
Cathryn Ross and Alastair Cochran, interim co-chief executives at Thames Water, have rejected a Parliamentary Committee’s comments about its current financial situation, according to a report in The Times newspaper this morning.
Thames Water shareholders have agreed to provide a further £750 million of equity funding in AMP7, in addition to the £500 million of new equity funds Thames Water drew down on 30 March 2023 following the commitment made by shareholders in June 2022.
HUBER Technology will be exhibiting at the Utility Live at the NEC Birmingham 21 – 22 May 2024 - Stand H22
Manufacturer of variable frequency drive (VFD) technology Invertek Drives Ltd has celebrated producing its three millionth VFD - just three years after the two-million milestone, demonstrating rapidly growing demand for its energy-saving solutions.
Future Water Association, a leading organisation driving transformation within the water sector, has announced the recipients of its esteemed awards, recognising the outstanding people contributing to the industry.
New Chair of the BPF Pipes Group’s Future Industry Group Paul Grills has set out plans for 2024, which include improving the skills of those within and outside the pipes industry.