1-3 of 3 results for subject:Ofwat
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To ask the Secretary of State for Environment, Food and Rural Affairs, what discussions he has had with (a) Thames Water and (b) Ofwat since the withdrawal of KKR from discussions on an equity recapitalisation deal.
To ask the Secretary of State for Environment, Food and Rural Affairs, what discussions he has had with (a) Thames Water and (b) Ofwat since the withdrawal of KKR from discussions on an equity recapitalisation deal.
The Government and Ofwat – the financial regulator for the water sector – are carefully monitoring the situation at Thames Water, and Ofwat is working closely with the company to strengthen its long-term financial resilience within the context of its licence and broader statutory obligations. Thames Water is running an equity raise and has indicated that it will need a new capital structure requiring both more equity and a significant reduction in the level of debt and we are monitoring this process closely.
To ask the Secretary of State for Environment, Food and Rural Affairs, what recent discussions she has had with Ofwat on the enforcement of regulations relating to storm overflows.
To ask the Secretary of State for Environment, Food and Rural Affairs, what recent discussions she has had with Ofwat on the enforcement of regulations relating to storm overflows.
Defra ministers meet with Ofwat regularly to discuss a range of environmental delivery priorities for water companies, including Storm Overflows. This includes, for example, quarterly meetings with the chair and CEO of Ofwat to discuss performance of the sector and Ofwat enforcement, including on the use of Storm Overflows.
To ask the Secretary of State for Environment, Food and Rural Affairs, what recent assessment she has made of the adequacy of Ofwat's enforcement powers in relation to water companies.
To ask the Secretary of State for Environment, Food and Rural Affairs, what recent assessment she has made of the adequacy of Ofwat's enforcement powers in relation to water companies.
Last year, Ofwat levied penalties of £132 million against 11 water companies, which is being refunded to customers this year. Additionally, Ofwat has also opened a major enforcement investigation into 6 water companies regarding their compliance at sewage treatment works.
The Government has backed steps to strengthen Ofwat’s enforcement powers. In March 2023, Ofwat were able to strengthen its ability to stop water companies making dividend payments if the company’s financial resilience is at risk thanks to powers provided in the Environment Act 2021. This also enables Ofwat to take enforcement action against companies that don’t link dividend payments to their performance for customers or the environment, or those failing to be transparent about their dividend pay-outs.
Furthermore, in May this year government trebled Ofwat’s enforcement capacity with an additional £11.3m increase in funding.