"Ofwat has fined Thames Water just £1 after the regulator found that the group misreported sewer flooding data in 2010 which, in turn, impacted the amount the firm charged customers.
Ofwat, formally known as The Water Services Regulation Authority, confirmed in a statement that Thames Water agreed to "pay a package worth £86m [€109m, $147m] to customers and the communities it serves."
However, out of that total value, only £7m will be given back to customers. A total of £2m will be placed in a fund to help those who are having difficulty paying their bills, while the remaining £5m will "support additional community projects such as local programmes to better protect rivers and improve the natural environment."
The bulk of the "pay package" (£79m) actually constitutes a promise to reduce Thames' regulatory capital value (RCV )- which refers to asset costs and investment that has been put into the water company – in order to "benefit customers for years to come."
RCV is used for setting bills so, if this number is reduced, consumer bills will be lower."
Showing posts with label fine. Show all posts
Showing posts with label fine. Show all posts
Tuesday, 22 July 2014
Thames Water Fined £1
As per International Business Times:
Friday, 28 September 2007
Thames Water Faces Record Fine
Thames Water could be fined a record £12.5m by industry regulator Ofwat for misreporting and poor customer service.
The water company faces a £11.1m fine for misreporting regulatory information and a further £1.4m fine for poor processes and systems that led to customers receiving unsatisfactory services.
Ofwat chief executive Regina Finn said: "Water is a monopoly business and until we see a competitive market developing, Ofwat must protect customers by regulating the companies' prices and quality of service.
advertisement"To do this we need complete, accurate and reliable information. Misreporting of information damages our ability to regulate the industry and therefore to protect customers."
The news is likely to be cheered by consumer groups which have spent the past year attacking water companies for failing to meet leakage targets while making huge profits.
Water bills have increased by seven per cent this year - well in excess of inflation - to take the average water and sewerage bill to £312 in England and Wales.
The proposed fine follows Ofwat's investigation last year into Thames Water's reporting of its customer service performance.
The regulator said that Thames acted responsibly by informing Ofwat of the misreporting, taking steps to investigate the situation itself, co-operating with the review and reimbursing customers the amount they should have received following poor service by the company in the past.
Ofwat stressed that there is no evidence of fraud by Thames Water, Britain's largest water company, and that the investigation did not find any evidence of deliberate misreporting.
Thames Water said the proposed fine was "totally disproportionate", and revealed plans to challenge it.
Ofwat said: "The proposed fine is appropriate given the seriousness of the misreporting and customer service failures by Thames, while also being fair and proportionate and taking account of the steps Thames has taken to remedy the situation."
Source The Telegraph
The water company faces a £11.1m fine for misreporting regulatory information and a further £1.4m fine for poor processes and systems that led to customers receiving unsatisfactory services.
Ofwat chief executive Regina Finn said: "Water is a monopoly business and until we see a competitive market developing, Ofwat must protect customers by regulating the companies' prices and quality of service.
advertisement"To do this we need complete, accurate and reliable information. Misreporting of information damages our ability to regulate the industry and therefore to protect customers."
The news is likely to be cheered by consumer groups which have spent the past year attacking water companies for failing to meet leakage targets while making huge profits.
Water bills have increased by seven per cent this year - well in excess of inflation - to take the average water and sewerage bill to £312 in England and Wales.
The proposed fine follows Ofwat's investigation last year into Thames Water's reporting of its customer service performance.
The regulator said that Thames acted responsibly by informing Ofwat of the misreporting, taking steps to investigate the situation itself, co-operating with the review and reimbursing customers the amount they should have received following poor service by the company in the past.
Ofwat stressed that there is no evidence of fraud by Thames Water, Britain's largest water company, and that the investigation did not find any evidence of deliberate misreporting.
Thames Water said the proposed fine was "totally disproportionate", and revealed plans to challenge it.
Ofwat said: "The proposed fine is appropriate given the seriousness of the misreporting and customer service failures by Thames, while also being fair and proportionate and taking account of the steps Thames has taken to remedy the situation."
Source The Telegraph
Friday, 3 August 2007
Water Back
Congratulations to Thames Water for managing to restore my water supply yesterday, within the time frame that they promised.
It seems to be working fine.
It seems to be working fine.
Sunday, 9 July 2006
Leaks 'R Us II
Council leaders are calling on Thames Water to reduce water leakages in the capital. They are urging water regulator OFWAT to impose stiff fines on the company.
Thames recently said it it spends about £500,000 a day on fixing leaks and replacing water mains.
But the the Association of London Government said that the company's repeated failure to reduce leakage rates has put the health and hygiene of Londonders at risk.
A spokesman said:
"We now have a situation where the company is applying for a drought order and goodness knows what possible cost to local businesses or at what risk to the public health of residents if water rationing is imposed.
Every day millions of litres of water are being wasted because of leaking water pipes and poor infrastructure."
Source Croydon Guardian
Thames recently said it it spends about £500,000 a day on fixing leaks and replacing water mains.
But the the Association of London Government said that the company's repeated failure to reduce leakage rates has put the health and hygiene of Londonders at risk.
A spokesman said:
"We now have a situation where the company is applying for a drought order and goodness knows what possible cost to local businesses or at what risk to the public health of residents if water rationing is imposed.
Every day millions of litres of water are being wasted because of leaking water pipes and poor infrastructure."
Source Croydon Guardian
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