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The Latest Breaking News from Thames Water

Water firms blocked from using billpayer cash for ‘unjustifiable’ bonuses

Thames Water is among nine firms that must ensure owners and shareholders pick up the tab for £6.8 million of executive bonuses.

The Independent UK

Scandal-hit Thames Water blocked from paying 'undeserved' bonuses for top bosses from customers' money

Eight other water firms won’t be using customers’ funds to pay bonuses

Evening Standard

Nine water firms halted from using customer cash to pay for £6.8m of bonuses

Ofwat said its new powers had been applied to bonuses worth £6.8 million, or 73% of the overall total, across the water sector.

Evening Standard

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Water firms blocked from using customer cash for ‘undeserved’ £6.8m boss bonuses

Watchdog stops nine from from funding bonuses through customers – but bosses will still get their cash from shareholders

The Independent UK

Southern Water gets rating downgrade amid ‘challenging funding conditions’

Southern’s latest downgrade by Fitch follows a similar move by ratings agency Moody’s earlier in November.

Evening Standard

Thames Water: Fears of more bill hikes as £38bn bill revealed

A new report has said Thames Water is in worse financial straits than already thought

The Independent UK

Thames Water’s IT ‘falling apart’ and is hit by cyber-attacks, sources claim

Exclusive: Company relies on obsolete tech and there are troubling security gaps, Guardian investigation suggests

The Guardian - UK

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What the papers say – November 18

These are the stories making headines to start the week.

The Independent UK

Floods, explosions and asbestos: Thames Water faces potential problems on all fronts

Exclusive: Senior managers say they are forced to press ahead with orders for vital items without approval

The Guardian - UK

Thames Water supply ‘on knife-edge’ with £23bn repairs needed

Exclusive: Company has failed to tackle serious safety concerns or upgrade vital IT systems, Guardian investigation reveals

The Guardian - UK

Housing developments in London flushing raw sewage directly into rivers

Seven housing developments in north and west London are found to be flushing sewage directly into rivers that flow into the Thames

Evening Standard

Southern Water’s debt downgraded to junk status by Moody’s

Company close to technical default on some of its debt, underlining UK industry’s precarious state

The Guardian - UK

Thames Water should explain its murky logic on fundraising

Transparency around this emergency process has been miserable as company looks for approval to borrow £3bn more

The Guardian - UK

Thames Water gains key support from creditors for £3bn funding lifeline

Utilities firm says 75% of class A bondholders back emergency package aimed at staving off collapse

The Guardian - UK

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Evening Standard

Thames Water rescue deal reaches ‘important milestone’ in creditor backing

The heavily indebted utility company has agreed a deal for £3 billion in extra funding, but it needed 75% of its senior creditors to agree to it.

The Guardian - UK

Thames Water board split over two competing deals to save it from insolvency

Split comes despite chair’s preference for deal from group including US hedge funds Elliott Partners and Silver Point plus others

Evening Standard

Hidden London: Crossness Pumping Station, the cathedral of sewage

Sir Joseph Bazalgette was the Willy Wonka of this particular chocolate factory, explains Steven Elliot James

The Guardian - UK

Thames Water is desperate for cash. But board should still exploit bondholder rivalry

Jostling for position before eventual debt-for-equity swap gives opportunity to fight for £3bn lifeline with least worst terms

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The Independent UK

Thames Water creditors try to rally more investors for £1.5bn rescue funding

The water company’s lenders, including investment giants BlackRock, Abrdn and M&G, want more firms to take part in their rescue funding deal.

Evening Standard

Thames Water: Why does the struggling water firm need emergency funding?

Thames Water has said it is seeking up to £3 billion in emergency loans in order to stay afloat until at least October next year.

The Guardian - UK

Struggling Thames Water pushes for £3bn lifeline with cash due to run out in December

Fresh funds are ‘liquidity bridge’ to stabilise firm and give it time to secure long-term investment, says boss

Evening Standard

Thames Water reveals £3 billion emergency financing plan to keep it solvent until October 2025

Proposals could provide Thames with up to £3 billion of lifeline cash

Evening Standard

Thames Water launches plan to raise up to £3bn in emergency funding

The struggling utilities giant has put forward the deal amid continued efforts to restructure its significant debt pile.

The Guardian - UK

New commission may ban English water companies from making a profit

Defra body, created to overhaul system amid public fury, may force firms to be run for public good rather than shareholder returns

The Guardian - UK

New Water Commission must create an environmental enforcer that is feared

The current division of responsibilities between Ofwat, the Environment Agency and Drinking Water Inspectorate hasn’t worked

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