Thames Water, the UK’s biggest water provider, has been hit by a record fine by regulator Ofwat.
The company has been fined £122.7m following Ofwat’s “biggest and most complex” investigation.
It follows two investigations related to its wastewater operations and dividend payouts.
Of the total fine, £104.5m – 9% of Thames Water’s turnover – has been levied for breaches of wastewater rules. It’s just below the maximum 10% of turnover Ofwat could have applied.
Another £18.2m penalty will be paid for breaches of dividend payment rules.
The fine will be paid by the company and its shareholders, Ofwat said, rather than customers.
Thames Water serves 16 million customers across London and the South East.
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Content Source: news.sky.com