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...In a letter to the utilities’ chairs seen by the Financial Times, Ofwat boss Iain Coucher said the number of serious pollution incidents was “still too high” and “the pace of reduction not fast enough”....
...Glass Lewis has also urged investors to vote against Gilbert because of the board’s lack of gender diversity, noting that AssetCo is “one of the few remaining UK public companies with an all-male board”....
...Southern Water was rescued from the brink of bankruptcy in an Ofwat-brokered deal with the Australian infrastructure manager Macquarie in 2021 but the utility was forced to suspend external dividends until...
...Calhoun, 66, is to leave at the end of the year, while board chair Larry Kellner said he would depart in May....
...The group has a market capitalisation of €21bn. Taqa and the Caixa foundation declined to comment....
...It was a grim irony that as new questions were swirling over the future of debt-laden Thames Water — Britain’s largest water utility — this weekend, the annual Oxford-Cambridge Boat Race had to go ahead...
...Thames Water had £2.4bn of liquidity at the end of February; it can meet its commitments until at least May 2025. Regardless, the utility needs more equity....
...It added that “if such an acquisition occurs, this would trigger an offer for all the shares of Naturgy”, a utility and major gas supplier with a market capitalisation of €21bn....
...Frankly, Thames’ board lacks the restructuring nous to handle this end-game. Montague at least relinquished the chair role at Kemble in February....
...At the end of February the utility had £2.4bn of cash and committed debt facilities. On current spending, that would only take it up to about May or June next year....
...Macquarie, the former owner of Thames Water criticised for loading the utility with debt, is a lender to its stricken parent company....
...The board of Thames Water, Britain’s largest water company, was locked in crisis talks on Wednesday after shareholders refused to confirm they would provide about £3bn of fresh equity that is necessary for...
...The Financial Stability Board, which includes the world’s leading finance ministers, central bankers and regulators, said on Wednesday that after assessing a series of recent market panics, many funds and...
...But it needs to ensure it is seen as part of the solution — and not part of the problem....
...If nothing else, it’d be a welcome example of a utility owner cleaning up its own mess....
...However the weighted cost of debt is only about 2.5 per cent, so affordable....
...Uncertainty around the wildfire liabilities prompted BHE’s auditor Deloitte & Touche to raise a so-called “critical audit matter” with the company’s board of directors, according to the annual report, reflecting...
...bills to keep shareholders on board....
...He will remain as chair and director of Thames Water Utility Limited, the only part of the group that is regulated by Ofwat....
...The utility, which supplies 16mn people — or about 25 per cent of the population of England and Wales — is struggling to stay afloat after its shareholders refused to put more money into the heavily leveraged...
...This week Montague apologised to MPs for causing “any confusion” when the UK utility described a loan from shareholders as “equity”, as he sought to allay concern over its finances....
...made and said he accepted accountability for the work of the board....
...s largest water utility....
...Section 156 of the act prevents the appointed company from disposing of the land or any interest in it without the consent of the Secretary of State....
...The region-wide Stoxx Europe 600 dropped 0.2 per cent, with utilities and rate-sensitive real estate stocks among the worst-performing sectors....
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