Thames Water has agreed a payment plan with Ofwat to cover £123m in fines, as the debt-laden utility scrambles to secure funding and avert temporary nationalisation.
Thames Water has agreed a payment plan with Ofwat to cover £123m in fines, as the debt-laden utility scrambles to secure funding and avert temporary nationalisation.
Ofwat is set to be scrapped as part of the most significant overhaul of the UK water industry since privatisation.
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Environment Secretary Steve Reed has confirmed the government is accelerating preparations to temporarily nationalise Thames Water, as efforts to secure a private sector rescue falter.
Thames Water could be nearing renationalisation after its preferred funding partner, US private equity giant KKR, walked away from a proposed £4 billion investment.
Regulator Ofwat has confirmed that the record penalties imposed on Thames Water will be borne by the company and its investors, not its customers.
Fresh uncertainty has emerged in the search for a white knight investor for Thames Water, as the company faces difficulties in detailing its vast and complex network of pipes, sewage
Thames Water has disclosed that it has received six takeover approaches from potential buyers.
The Court of Appeal has upheld Thames Water’s £3bn emergency bailout loan, rejecting legal challenges from environmental campaigners and a group of creditors.
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Thames Water has received a preliminary £7 billion ($8.86 billion) bid from Hong Kong’s CK Infrastructure for a majority stake, according to a report by the Financial Times on Friday,