Calls mount for public ownership of Thames Water as it launches ‘blatantly greedy’ bid to hike bills
CAMPAIGNERS mounted further calls for Thames Water to be permanently brought into public ownership today [Friday] after the firm launched a “blatantly greedy and desperate bid” to hike bills yet again.
The firm has already been allowed to increase bills by 35 per cent over the next five years by regulator Ofwat.
Thames Water originally lobbied for a 59 per cent increase and is now asking the Competition and Markets Authority to review the decision.
On the verge of financial collapse, Thames Water sits on £19 billion of debts.
Despite this, it paid out £158.3 million in dividends last March, and attempted to award its CEO and CFO £770,000 in bonuses using customer money before being blocked by Ofwat.
Thames Water is currently waiting for a court decision on whether it will be allowed a £3.3bn creditor bailout to avoid falling into special administration at the end of March.
The loan will cost a mammoth £800m in interest and fees alone, which campaign group We Own It argues will add an extra £250 a year to household bills.
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