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Troubled utility giant Thames Water has agreed to pay an initial 24.5 million of its record 122.7 million in fines by the end of September, under a payment plan sanctioned by regulator Ofwat. The industry watchdog, which levied the penalties in May for failures concerning sewage treatment and the payment of dividends, stipulated that a fifth of the total fines would be due in this first instalment. Thames Water has stated that these fines will not be covered by customer bills.
However, the payment of the remaining 80 per cent is contingent on the financial stability and future of the debt-laden water supplier, which is currently teetering on the brink of potential temporary nationalisation. This means the majority of the fines may not be settled for up to five years. Ofwat confirmed that the outstanding amount will be paid either 30 calendar days after Thames Water secures a rescue financing deal and demonstrates sufficient cash liquidity,
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