Moscow, India, others rally behind Afghanistan amidst Bagram airbase tussle
The 7th Moscow Format Consultations on Afghanistan has concluded in Russia with participants issuing a joint statement heavily hinting at a joint oppo...
UK’s largest water firm Thames Water has been hit with a record £122.7 million fine by Ofwat after the regulator concluded its most extensive investigation ever into the company's environmental violations and dividend practices.
Thames Water, the UK’s largest water supplier, has received a record fine of £122.7 million from Ofwat following two major investigations into the company’s operations. The regulator’s probe - described as its most complex to date - focused on serious failures in wastewater management and the company’s handling of dividend payments to shareholders.
Of the total penalty, £104.5 million - roughly 9% of the company’s turnover - was imposed for breaches of wastewater discharge rules, narrowly avoiding Ofwat’s maximum fine of 10%. An additional £18.2 million was issued over improper dividend distributions, marking the first time the regulator has penalized a water company for shareholder payouts that failed to reflect performance on customer service and environmental protection.
Crucially, Ofwat confirmed the fine will be absorbed by Thames Water and its shareholders - not passed on to consumers.
Environmental Damage Described as "Unacceptable"
The investigation exposed widespread operational failures, particularly in Thames Water’s treatment plants and broader wastewater infrastructure. These shortcomings, Ofwat said, constituted a serious breach of legal obligations and caused an "unacceptable" environmental impact.
The company’s own data revealed a 40% surge in sewage spills from January to September 2024, underscoring the scale of its failings. According to Ofwat chief executive David Black, the fine was elevated due to the company’s failure to propose an acceptable remediation plan.
“This is a clear-cut case where Thames Water has let down its customers and failed to protect the environment,” said Black. “Our investigation revealed repeated failures to build, maintain, and operate the necessary infrastructure.”
As part of the penalty, Thames Water is required to agree on a remediation plan with the regulator within six months. Meanwhile, a separate probe by the Environment Agency into the company’s sewage treatment operations remains ongoing.
Severe Financial Strain
The timing of the fine places further pressure on Thames Water’s finances. The utility, which serves around 16 million people across London and the South East, is currently burdened with over £19 billion in debt. It narrowly avoided nationalisation earlier this year by securing a £3 billion emergency loan.
The fine was not factored into Thames Water’s long-term financial plans. At a recent parliamentary hearing, CEO Chris Weston admitted the company’s future depended on regulatory leniency concerning sanctions.
In a statement, a Thames Water spokesperson said: “We take our environmental responsibilities seriously and note that Ofwat recognises progress on storm overflow issues. Dividends were issued in line with our legal and regulatory duties, and we continue to maintain liquidity and pursue additional equity funding.”
Government Pledges Tougher Oversight
Environment Secretary Steve Reed welcomed the fine, declaring it part of the “toughest crackdown on water companies in history.”
“The era of profiting from failure is over,” said Reed. “We are committed to cleaning up our rivers, lakes, and seas once and for all.”
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
At least eight people have died and more than 90 others were injured following a catastrophic gas tanker explosion on a major highway in Mexico City’s Iztapalapa district on Wednesday, authorities confirmed.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A powerful 7.4-magnitude earthquake struck off Russia’s Kamchatka Peninsula on 13 September with no tsunami threat, coming just weeks after the region endured a devastating 8.8-magnitude quake — the strongest since 1952.
Authorities in California have identified the dismembered body discovered in a Tesla registered to singer D4vd as 15-year-old Celeste Rivas Hernandez, who had been missing from Lake Elsinore since April 2024.
Azerbaijan is stepping up its renewable energy ambitions with plans to develop eight new solar and wind plants by 2027, backed by $2.8 billion in investment and aimed at exceeding its 2030 climate targets ahead of schedule.
On the second day of Baku Climate Action Week (BCAW), attention centred on strengthening international cooperation, accelerating the transition to clean energy, and ensuring a fair and inclusive approach.
Super Typhoon Ragasa lashed Hong Kong with hurricane-force winds and torrential rain on Wednesday.
When Climate Week kicks off in New York City on Sunday (21 September), it will mark the largest event of its kind yet, with organisers reporting a record number of companies participating and more events than ever before.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment