Thames Water has £3bn emergency loan approved by High Court
In December, bosses received £770,000 in bonuses...
In December, bosses received £770,000 in bonuses...
“We don’t think that households should have to pay to bail out Thames Water,” campaign group We Own It have contested.
Bosses received £770,000 in bonuses despite the company seeing a 40 per cent increase in pollution incidents.
Average bills for Thames Water customers could rise to as much as £696 a year under the proposals put forward on Wednesday.
Heavily indebted Thames will have to ‘fully re-evaluate’ its current turnaround strategy under Ofwat’s draft measures.
Under new rules introduced last year, water companies with poor financial and environmental records are not allowed to pay dividends.
The troubled firm said customer bills rise by another £19 to £627 by 2030 under plans to up spend by another £3.1 billion.
Thames Water could be effectively nationalised if it goes bust, according to reports in the Guardian newspaper.
Chris Weston will become the firm’s chief executive from January 8.
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