Struggling utility accepts greater oversight and new independent directors in lieu of regulatory penalty
Thames Water has accepted tighter scrutiny from regulator Ofwat in exchange for avoiding a potentially hefty fine after Britain’s biggest water utility breached licence conditions last month. Thames Water, which supplies water and sewage services to about 16mn households in London and surrounding areas, will allow an independent monitor to access its records and report on progress, Ofwat said in a statement on Wednesday.
The need to strike deals on fines underscores the deepening financial crisis at the water company, which faces potential renationalisation under the government’s special administration regime. Thames Water is struggling under the weight of higher interest rates on its £18bn debt mountain and needs billions of pounds of investment after admitting that its infrastructure poses a risk to public health and safety.
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