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The Latest Breaking News from Ofwat

Shein’s UK profits double; Water companies penalised for poor performance; China targets EU brandy – as it happened

Rolling coverage of the latest economic and financial news, as UK gilt yields rise and water companies face paying £157m to customers

The Guardian - UK

Water companies ordered to return £158m to customers next year after missing key targets

For the second year in a row, no company achieved the top rating, although four companies did show an improvement from last year.

Evening Standard

Water companies must return £157.6m to customers over poor performance

Not one company has achieved the regulator’s top category, while three are in the lowest category of ‘lagging’

The Independent UK

From analysis to the latest developments in health,
read the most diverse news in one place.

Southern Water seeks to borrow up to £4bn from investors

Move could increase pressure on utility companies turning to bond markets amid crisis at Thames Water

The Guardian - UK

Unresolved water complaints in England and Wales rise to near-decade high

Customer disputes over sewage spills, billing mistakes and water meters soar in past year

The Guardian - UK

Small firms face near-30% rise in water bills, Ofwat letter reveals

Businesses in England and Wales say they are paying for ‘historic errors’ by water suppliers

The Guardian - UK

Thames Water could be blocked from new debt financing next week

Troubled firm has until 7 October to agree to extension, according to holding company accounts

The Guardian - UK

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Southern Water considers shipping supplies from Norwegian fjords to UK

Contingency plan using sea tankers to deal with future shortages would be paid for from customers’ bills

The Guardian - UK

Credit agencies slash their ratings on Thames Water debt

The move drags £16 billion of Thames Water debt even deeper into junk territory

Evening Standard

Six water firms in England ‘overcharged customers by up to £1.5bn’

Firms underreported true scale of sewage pollution for 10 years, which allowed them to set higher bills, tribunal told

The Guardian - UK

Thames Water trying to stay afloat by rewriting loan deals, says source

Firm in £15bn debt books November high court dates in effort to extend ‘liquidity runway’

The Guardian - UK

Billpayers in England and Wales tricked into ‘stealth bailout’ of water companies

Campaign group challenges industry regulator over price rises for customers that will pay to upgrade infrastructure

The Guardian - UK

Remainder of year’s water bills will pay dividends and service debts, say campaigners

We Own It says 31% of water bills went on shareholder payouts and company debts in last financial year, while the same percentage of 2024 remains

The Guardian - UK

Elliott, unlike Thames Water’s board, sees the inevitability of debt writedowns

Hedge fund’s reported purchase of £1bn of bonds at a big discount suggests growing realism about company’s future

The Guardian - UK

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The Guardian - UK

The Guardian view on the regulatory state: Labour must put people before profit

Grenfell showed what can happen when human needs are disregarded. Tougher laws governing business are one answer

The Guardian - UK

Water bosses could be jailed if they cover up sewage dumping under new law

CEOs in England and Wales could face two years in prison under proposals to force firms to supply data quickly

The Independent UK

Water bosses could face prison time over dumping sewage into Britain’s rivers and lakes

Environment secretary Steve Reed is to tell an invited audience of water company executives that they will lose their bonuses and face prison if they continue pumping filth into rivers and lakes

International Business Times UK

Thames Water Wants To Hike Prices By Up To 59% In 2025: 'After Keeping Bills Low, Now Is The Time For Difficult Choices'

Thames Water proposes a controversial 59% hike in customer bills by 2025 to fund essential infrastructure upgrades, sparking concerns amid financial pressures on households and regulatory scrutiny.

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The Guardian - UK

Thames Water lobbied Whitehall to press Ofwat on allowing higher bills

Exclusive: Debt-ridden company also warned officials of ‘chilling effect’ of any renationalisation

The Guardian - UK

Thames Water’s ‘difficult choices’ must include pain for bondholders

Customers know bills have to rise, but shareholders should also pay, as they would at a conventional company that overextended itself

The Guardian - UK

Thames Water says without steep bill increase it’s ‘neither financeable nor investible’

Debt-laden company tells Ofwat if it cannot charge customers 59% more, it ‘would prevent company turnaround and recovery’

The Independent UK

Thames Water proposes huge new bills hike

The average bill over the five-year period from 2025 to 2030 would be £638 under the proposal

The Guardian - UK

Water bills must rise if Labour is to hit housebuilding target, industry claims

Companies need regulator go-ahead on significant increases or they will not be able to aid plan, says Water UK

The Guardian - UK

UK water companies to warn bill cap will drive away investors for overhaul

Ofwat’s tighter spending targets would ‘hamper sector’s ability to deliver improvements’, study will say

The Independent UK

Couple billed £12,000 by water companies for non-existent leak describe four-year ‘torture’

‘It was like torture – like water torture – like a steady drip’

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