April 2 (Reuters) – Thames Water is poised to reach a pact with water regulator Ofwat for \u200cBritain’s largest water supplier to avoid new fines until \u200c2030, the Financial Times said on Thursday, citing people familiar with \u200bthe matter.<\/p>\n
The regulator plans to accept “undertakings” instead of financial penalties, but Thames Water would still face Environment Agency fines and legal cases, the newspaper said, without specifying the size \u200cof the fines.<\/p>\n
Performance \u2060targets on pollution, leakage and other areas will either be suspended or significantly modified, it \u2060added.<\/p>\n
Reuters could not immediately verify the report. Ofwat and Thames Water did not respond to a request for comment.<\/p>\n
Thames \u200bWater, with \u200b16 million customers, has been \u200bfending off financial collapse \u200csince 2023 as it grapples with debt of nearly 20 billion pounds ($26.47 billion) in a sector where the regulator limits price increases.<\/p>\n
At the centre of a sewage scandal in Britain, the company has also been in talks \u200cwith the government, regulators and senior \u200bcreditors over a rescue deal.<\/p>\n
A \u200bgroup of its creditors \u200bhave offered 3.35 billion pounds of new \u200cequity and up to 6.55 \u200bbillion pounds of \u200bnew debt.<\/p>\n
Without an agreement between the regulators and the creditors, Thames Water is likely to end up \u200bin the government’s \u200cspecial administration regime, a form of temporary nationalisation.<\/p>\n
($1=0.7556 \u200bpounds)<\/p>\n
(Reporting by Chandni Shah in Bengaluru; Editing by \u200bHimani Sarkar and Clarence Fernandez)<\/p>\n","protected":false},"excerpt":{"rendered":"April 2 (Reuters) – Thames Water is poised to reach a pact with water regulator Ofwat for \u200cBritain’s…\n","protected":false},"author":2,"featured_media":4034,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[2],"tags":[13,2384,2386,2382,2381,2383,2385],"class_list":["post-4033","post","type-post","status-publish","format-standard","has-post-thumbnail","category-britain","tag-britain","tag-environment-agency","tag-fines","tag-ofwat","tag-thames-water","tag-water-regulator","tag-water-supplier"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116333665609362045","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/4033","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=4033"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/4033\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/4034"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=4033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=4033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=4033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}