28-05-2025
UK regulator fines Thames Water a record $165 mln for legal breaches
LONDON, May 28 (Reuters) - Britain's water regulator Ofwat imposed a higher-than-expected 122.7 million pounds ($165.36 million) fine on Thames Water, saying on Wednesday that the utility had significantly breached its legal obligations.
The watchdog, which was earlier considering a 104.5-million-pound penalty on Thames, said its final amount was the largest fine it had ever issued and that the company's failures had caused "an unacceptable impact on the environment and customers".
It also issued an enforcement order which would require the company, Britain's biggest water supplier with 16 million customers, to take steps to ensure its future compliance.
"This is a clear-cut case where Thames Water has let down its customers and failed to protect the environment," Ofwat boss David Black said in the statement.
The company, which has been struggling with billions of pounds of debt, secured a 3 billion pound loan in February to stave off financial collapse. On Wednesday, Ofwat said the company was seeking new buyers to fund its turnaround.
In a separate statement, Thames Water said its lenders continued to support its liquidity position and that its equity raise process was continuing.
"We take our responsibility towards the environment very seriously," it said.
($1 = 0.7419 pounds)
