After huffing & puffing over the water crisis in Waverley, perhaps Chancellor Jeremy would like to hear this Ofwat decision.
Ofwat has been accused of a ‘meaningless gesture’ after reducing Thames Water penalty.
So how will Waverley TW customers fare after losing water – some for a week? This regulator decision doesn’t bode well – does it?
The regulator has cut the amount Thames Water will pay for underperformance by almost £5 for each customer!
The Government’s water industry regulator has been accused of making a “meaningless gesture” after it reduced the amount Thames Water has been asked to return to customers over poor performance by more than a quarter.
Ofwat has published its final determinations on how much each of England and Wales’s water companies should give customers after underperformance on targets tackling leakage and sewage spills.
In September, the regulator said that Thames, Britain’s biggest water company, would have to hand £101m to customers, the most of any company.
On Tuesday, it said the penalty had been reduced to £73.8m in its final determinations – roughly £4.92 for each customer. Ofwat said the decision came after Thames Water had submitted “substantive detail” on its tax losses for 2020 to 2025. Ofwat said that if it had not decided, it would have “weakened” the financial incentives for companies to carry out much-needed upgrades on Britain’s water infrastructure.