Thames Water creditors ask watchdog to defer sewage spill fines.
Financial institutions want Ofwat to pause penalties for failings on water leaks and spillages for several years while the utility tackles its problems.
Read The Sunday Times (paywall)
Emeritus Professor of Accounting and Member of the UK House of Lords Prem Sika comments:
“Thames Water creditors ask England watchdog to pause fines for sewage dumping, unplugged leaks. They don’t want to end profiteering, cash extraction, undeserved exec pay. The industry is financially, morally and environmentally bankrupt. Only public ownership can end the abuses.”
And water activist Feargal Sharkey states:
“Thames Water’s bond holders are looking for yet another way to screw customers. Under normal circumstances the regulator would resist this idea, forceable, but we’re dealing with @ofwat here so guess what?”
