Thames Water Hit With Record £122.7 Million Fine – Guido Fawkes

Thames Water Hit With Record £122.7 Million Fine

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Water watchdog Ofwat has slapped Thames Water with a whopping £122.7 million fine after two investigations into wastewater and dividend payments. The largest fine the regulator has ever issued…

The water giant and its investors will pay £104.5 million for breaches of rules relating to its wastewater operations, after Ofwat said it “failed to protect the environment” and £18.2 million for breaking rules related to dividend payments. Ofwat chief executive David Black said:

“Our investigation has uncovered a series of failures by the company to build, maintain and operate adequate infrastructure to meet its obligations. The company also failed to come up with an acceptable redress package that would have benefited the environment, so we have imposed a significant financial penalty.”

Perhaps Ofwat should have insisted on better conduct a long time ago rather than waiting to fine Thames Water. Environment secretary Steve Reed said “The era of profiting from failure is over. The Government is cleaning up our rivers, lakes and seas for good.” A tidal wave of trouble for Thames Water…