Huge fines for UK Water Companies

[Non-Believer]

3 UK Water Utilities facing fines totalling £168M over untreated sewage releases into rivers. Let's hope OFWAT holds its nerve after these parasites put bonuses and dividends before their public responsibilities.

[The Phantom]

2 hours ago, Non-Believer said:

3 UK Water Utilities facing fines totalling £168M over untreated sewage releases into rivers. Let's hope OFWAT holds its nerve after these parasites put bonuses and dividends before their public responsibilities.

Considering most of them have asset stripped, got huge loans and paid it all out to shareholders and directors already, I suspect this will make them insolvent and they'll just be abandoned for the Govt to take over. 

[Happier diner]

6 hours ago, Non-Believer said:

3 UK Water Utilities facing fines totalling £168M over untreated sewage releases into rivers. Let's hope OFWAT holds its nerve after these parasites put bonuses and dividends before their public responsibilities.

Good job we are not regulated by them. 

[P.K.]

Another of Thatcher's much lauded "privatisations" literally goes to shit.

We were told privatisation would mean great services, savings for the government and an investment boom. It was all a lie

Privatisation is the god that failed. As an object of worship, it has proven expensive for the public and a bonanza for comparatively few investors, often based overseas.

https://www.theguardian.com/commentisfree/2022/jun/22/the-guardian-view-on-privatisation-the-god-that-failed

Of course, any fines will simply be paid by Joe Public by way of increased bills...

[La Colombe]

2 hours ago, P.K. said:

Privatisation is the god that failed.

It's been a great success, to wit:

2 hours ago, P.K. said:

a bonanza for comparatively few investors

 

 

[Moghrey Mie]

McQuarie tried the same trick with the IOM Steam Packet.

https://www.theguardian.com/business/2023/jul/10/as-thames-water-sinks-macquarie-group-continues-its-unstoppable-rise

Edited August 7, 2024 by Moghrey Mie

[Non-Believer]

Just been watching a BBC Panorama investigation on Severn Trent Water tonight. Unbelievable financial and accounting shenanigans alleged, focused on inflating the company's value to increase payouts to shareholders whilst neglecting the infrastructure improvement necessary to cut the 4000 hours last year that raw sewage was released into the waterways that they are "responsible" for.

[P.K.]

2 hours ago, Non-Believer said:

Just been watching a BBC Panorama investigation on Severn Trent Water tonight. Unbelievable financial and accounting shenanigans alleged, focused on inflating the company's value to increase payouts to shareholders whilst neglecting the infrastructure improvement necessary to cut the 4000 hours last year that raw sewage was released into the waterways that they are "responsible" for.

Welcome to Thatcher's Britain...