Firm refuses to say when it will publish annual report; pressure builds on regulator Ofwat
Thames Water has refused to say when it will publish its annual report and accounts, which had been expected by investors next week, as concerns mount over the company’s financial viability.
The risk of delay will add to the turmoil engulfing England’s 11 privatised water companies, after a day in which board directors, ministers and regulators scrambled to restore calm as discussions continued over a potential temporary nationalisation of Thames Water.
The Environment Agency (EA) announced it was sending specialist investigators into water companies across England to secure evidence in the biggest criminal investigation into illegal sewage dumping since privatisation.
The experienced City troubleshooter Sir Adrian Montague was parachuted in to take over as chairman of Thames, a role he will take up on 10 July.
The prime minister’s spokesperson said it was for Ofwat “in the first instance” to monitor the financial resilience of water companies, adding to pressure on the regulator.
Continue reading…
