A worker from Thames Water delivering a temporary water supply from a tanker to the village of Northend in OxfordshireTHAMES Water’s record fines for sewage spills and improper dividends only underline our inability to hold water companies to account.
Water regulator Ofwat is hardly blameless when it comes to the supplier’s crippling debts, amassed by unscrupulous transnational corporations to shower their shareholders in cash — safe in the knowledge that when an essential service goes bust, it’s the British public that foots the bill.
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Ofwat is a captured regulator, and not just because chairman Iain Coucher (who made a fortune in another publicly subsidised privatised service, the railway, and who has named his extensive Sound of Jura estate Iainland) has been caught enjoying the hospitality of the water companies (as has Steve Reed).
Its negotiations with water firms on price hikes have allowed steep rises in household bills despite the rotten state of the network, which they say they have to pay to repair, being the direct result of their own mismanagement.
As Weston has himself made clear before parliamentary committees, making a privatised water firm pay for its crimes will simply see investors pull out, forcing the government to rescue it. Fines for bad behaviour are just one of the recognised business costs they weigh against the greater cost of water companies investing in infrastructure and repairs, or delivering a value-for-money service.
Designing elaborate regulatory regimes to stop capitalists behaving like capitalists hasn’t worked any better for water than it has for energy. It’s a con, and the only way to ensure our water supply is managed in the public interest is to take it into public hands.
See the original article at https://morningstaronline.co.uk/article/even-record-breaking-fines-wont-touch-thames-water-nationalise-it