Sep 3, 2018

Thames Water to invest £12bn on upgrades

Britain's largest water company plans to invest a record amount on improving infrastructure and will cap payouts to investors after a barrage of criticism over its performance. Thames Water, which supplies more than 15m people, said it will spend £11.7bn on upgrades for the period from 2020 to 2025. The business plan, submitted to the industry regulator on Monday, will cut leaks by 15 per cent, reduce pollution incidents by almost one-fifth and generate enough green energy power to 115,000 homes, Thames Water said. Thames Water was ordered to pay £120m in June by Ofwat, the regulator, to compensate customers over leakage failures. Management bonuses and dividends will be tied to meeting targets on reducing leakage and pollution, and increased customer satisfaction, Thames Water said.

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