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The Latest Breaking News from Ofwat

Water sector needs ‘root-and-branch’ reform, MPs say

The Environment, Food and Rural Affairs committee have said that the industry is ‘failing’ but water companies are ‘deaf to the crisis’.

Evening Standard

Thames Water lenders offer £17 billion rescue deal in return for looser rules

The deal would also see “several billion” pounds’ worth of debt written off

The Independent UK

Thames Water creditors offer up £5bn as part of emergency turnaround plan

Regulator Ofwat concerned that plans do not write off enough debt to secure investment-grade credit rating

The Guardian - UK

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Thames Water’s creditors are being too greedy

If group of lenders has any prospect of getting its proposal to fly, some of its big numbers will have to look very different

The Guardian - UK

Creditors table £17bn plan for Thames Water but call for regulatory leniency

The lenders in the utility are proposing to invest another £3 billion in new equity and £2 billion of funding, but also write off billions of debt.

Evening Standard

MPs ask minister if he will claw back Thames Water executive bonuses

Chair of troubled firm admits 21 senior managers were paid 50% of base salary on 30 April

The Guardian - UK

Bidders demand Thames Water granted immunity over environmental crimes

Exclusive: ‘Ransom note’ requests would leave Environment Agency unable to prosecute company or management

The Guardian - UK

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Is the tide turning for wild swimmers? Lawmakers step in to block bonuses for English water bosses behind surging lake and river pollution

Weeks after Thames Water was fined £123 million for pollution and questionable payouts to investors, the UK government has banned bonuses for many of the nation's water company executives

Advnture

Water firms would be foolish to increase salaries to get around bonus ban – Reed

Six firms have been banned from paying bonuses to senior bosses under new rules that came into force on Friday.

Evening Standard

The water firms banned from paying bonuses to senior bosses under new laws

Campaign group River Action have called the move a “welcome step” but said that increased salaries should be prevented

The Independent UK

Six water companies banned from paying bonuses to senior bosses

New rules ban bonuses if a water company does not meet environmental or consumer standards or does not meet financial resilience requirements.

The Independent UK

Northumbrian Water to pay out £15.7m after sewage and water network failings

Bosses at the watchdog Ofwat said the company’s failures led to ‘excessive spills from storm overflows’.

Evening Standard

A race against time: what now for Thames Water after rescue deal collapses?

Huge group of creditors in scramble as prospect of temporary nationalisation looms large for troubled firm

The Guardian - UK

Thames Water creditors warn of "short and closing window" to agree rescue deal

A group of more than 100 creditors holding £13 billion of Thames Water debt said time is running out

Evening Standard

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The Independent UK

Thames Water nationalisation ‘not the answer’ says minister after private equity rescue fails

Future of Britain’s biggest water supplier in question as investor pulls out of turnaround plan

The Independent UK

Voices: If the government wants to save Thames Water, it’s going to need to get its hands dirty

COMMENT: As the very public rescue deal for the ailing company collapses, James Moore warns that the government needs to get its hands dirty to clean up the water industry. This game of pass the buck isn’t doing anyone any favours...

The Independent UK

Thames Water nationalisation ‘not the answer’ says minister after takeover rescue fails

Troubled utility has uncertain future after private equity giant pulls out of turnaround plan

Evening Standard

Thames Water rescue takeover collapses after private equity firm KKR drops out

The troubled utility is taking forward talks with ‘certain senior creditors’ on an alternative plan to recapitalise the business.

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The Guardian - UK

Water industry in England and Wales needs ‘fundamental reset’, review finds

Report finds ‘deep-rooted, systemic’ failures that need stronger regulation, but critics say it is not bold enough

The Independent UK

Thames Water dealt fresh blow as potential investor drops out of deal to prop up embattled firm

Thames Water now progressing talks with senior creditors for an alternative to stabilise finances

Evening Standard

New York private equity giant KKR pulls out of Thames Water rescue

Thames Water boss says he is “disappointed” by KKR’s decision but will continue talks with creditors

Evening Standard

Private equity giant KKR pulls out of plans to invest in Thames Water

The utility said it would take forward discussions with ‘certain senior creditors’ on an alternative plan to stabilise its finances.

The Guardian - UK

Bank of England governor warns Trump tariffs have ‘blown up’ global trade system – as it happened

Rolling coverage of the latest economic and financial news, as MPs quiz the Bank of England about interest rates, and trade wars

The Guardian - UK

Thames Water preferred bidder KKR pulls out of rescue deal

Future of troubled supplier in doubt as US private equity group says it cannot proceed with acquiring £4bn stake

Evening Standard

‘Fundamental reset’ needed for UK’s water industry – report

The Independent Water Commission has called for a ‘strengthening’ of Ofwat’s regulatory role.

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