
Thames Water hit with record £123m fine for sewage failings
Thames Water has been hit with a record £122.7m fine by regulator Ofwat.
The penalty has been handed down after the watchdog discovered widespread sewage failures at the struggling utility giant, which was subject to the sector's 'biggest and most complex investigation'.
The company has also been punished for breaking dividend rules, as Ofwat found that Thames handed its investors more than £130m in 'undeserved' payments in 2023 and 2024.
Of the total fine, £104.5m is related to wastewater failings, while £18.2m is tied to the dividend breach.
David Black, Ofwat's chief executive, said: 'This is a clear-cut case where Thames Water has let down its customers and failed to protect the environment.
'Our investigation has uncovered a series of failures by the company to build, maintain and operate adequate infrastructure to meet its obligations.
'This decision provides certainty for the company for both its past failures and what we expect from the company to comply with its obligations in future.'
The fine will pile more pressure on Thames as it battles for survival.
Chris Weston, Thames Water's chief, last month urged Ofwat not to fine the business, as he told MPs that any form of financial penalty would hinder its turnaround efforts.
However, Steve Reed, the Environment Secretary, hailed Ofwat's decision.
He said: 'The Government has launched the toughest crackdown on water companies in history.
'The era of profiting from failure is over. The Government is cleaning up our rivers, lakes and seas for good.'
A Thames Water spokesman said: 'We take our responsibility towards the environment very seriously and note that Ofwat acknowledges we have already made progress to address issues raised in the investigation relating to storm overflows.
'The dividends were declared following a consideration of the company's legal and regulatory obligations. Our lenders continue to support our liquidity position and our equity raise process continues.'
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