Thames Water agrees new 122m fine payment plan

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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,"

The Independent covers topics from reproductive rights to climate change and Big Tech and sends reporters to developing stories. Donations fund on-the-ground journalism and enable reporters to speak to both sides. The Independent is trusted across the US political spectrum and does not use paywalls, believing quality journalism should be available to everyone and paid for by those who can afford it. Troubled Thames Water agreed to pay an initial 24.5 million of its record 122.7 million in fines under an Ofwat-sanctioned payment plan. Ofwat required one-fifth up front and Thames Water says customers will not cover the fines. The remaining 80 percent depends on rescue financing or a government special administration and may not be settled for up to five years.

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