Macquarie have had to put another £655m into the company with a further £550m promised but only if they win their appeal to be allowed to increase prices by 53%.
There are at least 4 other WCs I can think of following close behind.
@SouthernWater joins @thameswater tittering on the brink of collapse. Ares Management and Westbourne Capital have agreed to write off £370m in debt,
Holy sh*t…. 👇👇👇👇👇👇👇👇
"11 executives jailed over Italian PFAS pollution."
Don't want to be giving the @watershed-i.bsky.social
team any ideas or anything but....?
www.chemistryworld.com/news/11-exec...
"UK oysters and mussels hit by ‘disgustingly high’ number of sewage spills."
Now about that seafood salad I was thinking of having for lunch? 🤔
"Nightmare 'smelly' village where locals stuff duvets down toilets so sewage doesn't bubble up."
You have to admit it's right up there with "don't swim in the sea with your mouth open." Yes, people were actually told that.
So exactly 16 days after govt introduced bans on 6 water companies paying bonuses, including @SouthWestWater
fat cat CEO Susan Davy of South West Water fame gets paid nearly £200,000 in shares bonuses.
That didn't take long then. As I said at the time, nothing but performative politics.
Would that be the same @SouthWestWater fat cat boss who was just given £237,000 in shares as a 'long-term' bonus bringing her total annual salary up to £860,000?
Of course it would. Oh, and whatever did happen that ban on bonuses?
"SNP in humiliating u-turn over sewage spills after rivers and beaches marred by waste
The Scottish Government was warned by its own environmental watchdog that it was breaking the law by not setting out when sewage could be spilled into rivers and beaches."
Meanwhile north of the border. 🤔
Beginning to suspect if I play this anymore this morning the family are going to come and lock me in the shed.
Eat Quiche, Sleep, Repeat #getdown_services
www.bbc.co.uk/news/article... water company has confirmed one of its treatment works was the source of pollution that killed thousands of fish in a Cornish river."
I see @SouthWestWater are up to their old tricks again.
That said the answer to why govt is refusing to put TW into special administration is buried right in the middle of the article. "Government borrowing in May reached an eye-watering £20.2 billion, exceeding forecasts."
Now talk to me about the £19bn worth of debt TW is carrying.
For most of the public that dream has already gone, burned at the feet of venture capitalism, corporate greed and regulatory incompetence.
"Thames Water risks sinking free market dream. Until those of us who still believe in a streamlined state can say how to fix the utility’s failings, the case for privatisation rings hollow."
So all that guff about the water industry 'investing' £104bn, which is actually your money not theirs, well turns out the whole thing is just another load of hopeless old nonsense.
Transpires they don't have enough engineers or skilled staff to build much of anything. Who knew. 🤔
I have to say it's an astonishing good listen. 😀
Has your local MP watched this, why not?!
Mentioning United Utilities can anyone explain how a company can double its profits in just one year, from £170m to £355m, and yet is still be allowed to increase prices by a whopping 32%?
Yet again it's the customers who get played and the regulator @Ofwat sits back and allows it to happen.
"Dŵr Cymru Welsh Water fined £250,000 for sewage pollution."
That of course would be the same Welsh Water who have already been found guilty of 234 environment offences in the last 10 years alone and paid £628,298 in fines.
Really, what is the point?
www.itv.com/news/wales/2...
“Thames Water renationalisation plans being stepped up”.
Tick tock, tick tock…..
All totally predictable, all should have been dealt with a year ago. Meanwhile prolonged dithering has cost bill payers how much?
“Labour accused of copying Tories with plans to clean waterways with company fines.”
Appears govt have run out of ideas already, well that didn’t take long.
“Privatised water never worked. Now it might be over.”
Anyone that disagrees feel free to raise your hand.
www.newstatesman.com/politics/uk-...
Yep, you read that right. Seriously what is this all about at this point, what in God’s name is govt waiting for?
Who’s running this show, TW or the government?
So apart from wanting to be exempt from environmental laws and to have any current or future fines wavered @thameswater
now also want the right “to raise prices at any time before 2030”.
"This cannot continue indefinitely."
Residents demand answers from @anglianwater.bsky.social as roads close due to leaks and sinkholes – and thousands more homes are planned.
Report by Owen Sennitt, Local Democracy Reporting Service #WaterWoes
nowhere more obvious than the allowing of the great exercise in financial engineering. And then there are the farmers, who want to be paid not to pollute."
The whole diabolical situation summarised in a single paragraph. @Dieter_Helm on blistering form this morning.
"Regulators have pushed hard to keep bills down, and politicians have, as ever, wanted a version of cakeism: lower bills, more investment and more capital maintenance. Regulators have made some pretty catastrophic mistakes, .....
Huge round go applause to @amcarmichaelmp.bsky.social and all on the committee. BRAVO, BRAVO! 👏👏👏
