Thames Water hit with £39m of penalties after missing regulatory targets
Performance report shows debt-laden company missed 21 targets in areas from pollution to supply interruption
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The debt-laden company – which was this week put into special measures by the regulator, Ofwat – missed 21 regulatory targets last financial year in multiple areas, from pollution incidents to leakage and supply interruptions, a report said.
It said halting brand campaigns to focus on its turnaround had hit its scores, and “customer perception has also been influenced by negative media publicity this year, including the resignation of our CEO, company debt, operational issues, and pollution fines”.
Britain’s biggest water supplier could be put into a government-handled administration and the bulk of its £15.2bn debt mountain added to the public purse if it cannot raise extra funds to invest in its ageing assets.
Ofwat was accused of treating customers with “contempt” as it said bill payers in England and Wales would have to pay an extra £94 on average over five years as water companies attempt to fix sewage spills and leaks which have angered politicians and campaigners.
The company was hit with a £14m penalty for missing leakage targets, blamed in part on cold snaps in December and January; £12m for increasing pollution incidents; and £7m for poor performance in internal sewer flooding.
In its report, the chair, Sir Adrian Montague, said: “With the right team, time, money and resources, Chris and I both believe we can turn this business around – it would be in the best interest of customers and the environment for Thames Water to remain market-led.”
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