Thames Water launches major investment after choppy year
Thames Water has unveiled plans for a record £11.7bn investment project today as it seeks to win back public support following a turmoiled year of regulator fines and bonus pay disputes.
In a five-year business plan submitted to regulator Ofwat, Britain’s biggest water company is announcing new funds for leakage reductions and infrastructure resilience.
However, the latest cash injection comes at a testing time for the water company, which was slapped with a record £20.3m fine last year for pumping 1.4bn litres of untreated sewage into the Thames.
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The water provider has also come under fierce criticism over executive pay in recent months, with the firm saying last week that it is now planning to cap payouts to its owners at a total of £100m over the next regulatory period from 2020 to 2025, marking a steep drop compared with previous years.
Steve Robertson, boss of Thames Water said: "More than 15 million people in the UK depend on Thames Water every day to go about their lives. Our responsibilities to the environment and customers are huge, and we will partner with them and our peers to insulate our region from the effects of changing climate patterns. This includes planning for a strategic reservoir for the SE region of England and exploring the potential of water transfers."