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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”....
...Calhoun, 66, is to leave at the end of the year, while board chair Larry Kellner said he would depart in May....
...Rishi Sunak has dispatched his business adviser to grapple with the crisis facing Thames Water, in a sign of jitters inside government about the potential collapse of Britain’s largest water utility....
...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...
...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....
...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....
...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....
...Frankly, Thames’ board lacks the restructuring nous to handle this end-game. Montague at least relinquished the chair role at Kemble in February....
...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...
...But it needs to ensure it is seen as part of the solution — and not part of the problem....
...The group has a market capitalisation of €21bn. Taqa and the Caixa foundation declined to comment....
...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....
...However, the utility said on Monday that it was also proposing an extra £1.9bn of investment over the five-year period, dependent on its ability to secure the supply chain to deliver the work....
...They mooted that the £15bn of top-ranking bonds could face losses of 5-10 per cent in the event that the utility has to come back under public control....
...bills to keep shareholders on board....
...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...
...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...
...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...
...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....
...s largest water utility....
...made and said he accepted accountability for the work of the board....
...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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