THAMES WATER BILLS SET FOR BIG RISES
Teddington residents’ Thames Water bills will increase by 35% by 2030 following a decision by the industry regulator, it was announced today.
At the same time the beleaguered water giant – under fire for leaks and sewage controls – was also handed an £18.2 million fine for paying “unjustified” dividends to shareholders.
The average annual bill will rise to £588 by 2030, OFWAT said, £152 more than current levels of £436 a year.
The ruling falls well short of the 59% Thames Water had said it needed in the run-up to the decision, as the embattled water company tries to negotiate a bailout.
Ofwat said the £18.2 million fine was for paying £158.3 million in dividends to shareholders which it said were not justified.
The regulator said it will make Thames Water hand back £131.3 million of the payments via reductions in customer bills.
OFWAT chief executive David Black said the penalty was “a clear warning to the whole sector” over “unjustified dividend payments”.