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£18.2m fine for Thames Water as bills set to rise by 35 percent
19/12/2024
The company asked for a 53 percent increase
Thames Water customers will see their bills rise by 35 percent over the next five years. The water industry regulator Ofwat has agreed to the leap in charges, taking the average bill from £436 to £588.
The beleaguered company had asked for a 53 percent increase.
The settlement for water companies across the country was announced by Ofwat this morning.
The regulator justified the increase saying its final determination will see a quadrupling of new investment, providing water companies with the funding needed to transform performance, ensure supplies for future generations and to deliver cleaner rivers and seas.
David Black, Ofwat Chief Executive, said: “We recognise it is a difficult time for many, and we are acutely aware of the impact that bill increases will have for some customers. That is why it is vital that companies are stepping up their support for customers who struggle to pay.
“We have robustly examined all funding requests to make sure they provide value for money and deliver real improvements, while ensuring the sector can attract the levels of investment it needs to meet environmental requirements.”
Alongside the announcement of price increases Ofwat also announced it has fined Thames Water £18.2m for paying “unjustified” dividends to shareholders.
Published: by Banbury FM Newsteam