Thames Water crisis deepens
The government is exploring the possibility of temporarily nationalising Thames Water. The utility company, which serves 15 million people in London and its surrounding areas, has debts in excess of £14bn – 80% of the total value of the business.
It is currently seeking “further equity funding” on top of the £500m it raised from shareholders just three months ago.
While the consortium that has owned Thames Water since 2017 is yet to pay shareholders a dividend, some analysts blame the current malaise on its previous owner, Macquarie. The Australian bank withdrew £2.7bn in dividends from the water company while increasing its borrowings by more than £7bn.
The water industry is facing a wider crisis. British water companies have collectively racked up £65bn in debt since privatisation, raising fears over their ability to modernise leaky infrastructure.
Of course this goes back to Thatch .
Why are these companies not overseen with stricter parameters .
Poor Old Taxpayers ie ( YOU & I ) will again pick up the tab for stupidity & greed.
Outstanding
No comments:
Post a Comment