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The Latest Breaking News from Ofwat

Ofwat to be scrapped as ‘not fit for purpose’

IN FULL

The Independent UK

Ofwat ‘to be abolished and replaced with new water regulator’

The environment secretary previously said abolishing the regulator is an option

The Independent UK

Ofwat to be abolished as ministers look to create new water regulator

Move follows intense criticism of utilities over sewage spills, shareholder payouts and ballooning debts

The Guardian - UK

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System of regulating water firms needs complete overhaul, MPs warn

The Public Accounts Committee said the Government must act with urgency to strengthen oversight of the sector.

Evening Standard

Southern Water nearly doubles CEO pay to £1.4m despite bonus ban

Lawrence Gosden’s award comes amid high levels of corporate debt, serious sewage leaks and recent hosepipe ban

The Guardian - UK

Thames Water still in ‘crisis mode’ as turnaround set to take a decade

The UK’s largest water supplier also revealed a sharp increase in pollution incidents over the past year.

Evening Standard

FTSE 100 share index hits 9,000 points for the first time; US inflation rate rises to 2.7% – as it happened

London stock market hits new peak, Thames Water reports £1.6bn loss, and Rachel Reeves outlines ‘Leeds reforms’ for financial services

The Guardian - UK

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English water firm doubles CEO’s pay despite ‘elevated concern’ over finances

Boss of Affinity Water, which serves 3.9 million customers in London and south-east, receives £1.6m

The Guardian - UK

Thames Water spent £136m on securing emergency funding, leaked document suggests

‘Atypical expenditure’ document suggests utility’s costs over 12 months outstripped the £130m it paid in fines

The Guardian - UK

Boss of South West Water owner Pennon to retire

Susan Davy said she will step down as chief executive and director on the South West Water parent firm’s board after 18 years with the firm.

Evening Standard

South West Water allowed to invest £24m rather than pay £19m fine

Campaigners say Ofwat ‘subservient to industry and its rampaging pursuit of profit’ after illegal sewage discharges

The Guardian - UK

South West Water agrees to pay £24m after watchdog finds wastewater leaks

Ofwat said its investigation found a ‘range of failures’ in how the water company managed its wastewater treatment works and sewer network.

Evening Standard

Water company agrees to pay £24 million after sewage leaks

The company agreed to pay the enforcement package after Ofwat’s investigation found a ‘range of failures’

The Independent UK

Thames Water Under Fire After Emergency Loan Was Given As 'Extravagant' £2.5m Bonuses

Thames Water used funds from an emergency loan to pay £2.46 million in bonuses to 21 managers, despite the loan being intended to keep the troubled company afloat.

International Business Times UK

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The Guardian - UK

Thames Water refuses to claw back bonuses paid using £3bn emergency loan

Money was paid out from loan meant to stabilise firm’s finances weeks before it paused retention payments plan

Evening Standard

Thames Water bosses recalled before MPs to face grilling on bonuses and rescue

Ofwat has confirmed that £2.5 million of bonus payments made to 21 senior Thames Water executives in April cannot be clawed back.

The Guardian - UK

Macquarie digs deeper for redemption at Southern Water. There was no alternative

Infamous former owner of Thames Water coughs up more capital in bid to turn around badly performing utility

The Guardian - UK

Southern Water owners to invest up to £1.2bn in troubled utility

Australia’s Macquarie leads consortium putting up funds to help firm avoid breach of regulatory licence

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The Guardian - UK

The UK is getting drier. Could reusing greywater help?

Experts say the average Briton uses too much water per day and societal change needs to start today to tackle looming water crisis

The Guardian - UK

Thames Water lenders demand government effectively block campaigners from legal action

Creditors owed £13bn say ministers should prioritise ‘environmental betterment over punitive enforcement’

Evening Standard

Government will not be lenient with Thames Water creditors, suggests Reed

The company’s creditors have asked regulators to go easy over performance targets and fines for environmental failings.

The Guardian - UK

Ofwat should have to approve water firms’ bonuses and dividends, say MPs

Report says billpayer funds are being used irresponsibly, after news that Thames Water paid bonuses from £3bn loan

Evening Standard

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’.

The Independent UK

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 Guardian - 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

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