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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff

Thames Water ‘close to deal that would spare it new Ofwat fines until 2030’

The image of a Thames Water van is reflected in water on a street
If approved, the deal would only cover fines levied by Ofwat, meaning Thames Water could still face penalties from the Environment Agency. Photograph: Yui Mok/PA

Thames Water is said to be close to a deal with its regulator that would allow the company to avoid new fines for four years, as long as it commits to investing in the business.

The controversial offer, reported by the Financial Times, has been put forward by creditors who are hoping to save the struggling utility from being temporarily renationalised.

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