Thames Water Hit With Record $166 Million Fine by Watchdog
UK water provider Thames Water was fined 122.7 million pounds ($165.7 million) by regulator Ofwat after a probe into its wastewater treatment and dividend payments.
The water regulator said the probe into how Thames Water was managing its treatment works and wider wastewater network uncovered failings that breached the company's legal obligations and caused an unacceptable impact on the environment and customers.
It issued a 104.5 million-pound penalty for breaches of wastewater rules, the largest fine it has ever issued. A separate fine of 18.2 million pounds followed a further investigation relating to the payment of dividends.
'This is the first time Ofwat has used its powers to take enforcement action against a water company where their decision to make dividend payments does not properly reflect the company's delivery performance for customers and the environment,' it said.
Thames Water said it would need to assess the cost and timing of the capital investment required, which hasn't been fully funded through existing financial plans.
'Our lenders continue to support our liquidity position and our equity raise process continues,' it said.
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