Thames Water's leadership emphasizes that the company's survival as a private entity hinges on the regulatory body Ofwat exercising leniency in financial penalties. Chris Weston, the CEO, warned that failure to secure investment could lead to nationalisation. The company is currently negotiating a 'turnaround regime' with Ofwat to break the cycle of debilitating fines for pollution and leaky infrastructure. Despite heavy scrutiny and anticipated fines reaching £900 million over the next five years, services to households are expected to continue operating smoothly, while negotiations continue with private investors.
"Thames Water's survival as a private company depends on Ofwat being lenient over fines; without new investment, the company faces potential nationalisation," said Chris Weston.
"We are negotiating a turnaround regime with Ofwat to avoid a cycle of penalties exacerbating our financial difficulties. Fines could reach £900m over five years," he explained.
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