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Related Special Reports
...They had requested leniency on dividend rules and regulatory fines, as well as a 56 per cent increase to bills....
...The owners of South East Water, under investigation for severe supply failures, have provided a £150mn loan to a unit in the utility group as it struggles with higher financing costs on its debt....
...One person close to Thames Water described the company as “like a flooded room with only an inch of air at the top”....
...The utility has been grappling with high inflation on overall group debt of £18bn, while the government has drawn up emergency plans in case it requires temporary nationalisation....
...Macquarie, the former owner of Thames Water criticised for loading the utility with debt, is a lender to its stricken parent company....
...Elliott’s bet is focused on the top-ranking bonds out of more than £16bn of debt within a so-called regulatory ringfence — which surrounds the core utility and means it has to abide by regulatory conditions...
...Contagion risks include greater regulatory scrutiny for other firms, debt becoming more expensive and short sellers zoning in on the shares of publicly traded water groups....
...Market jitters have now grown so much that even the top-ranked bonds in the so-called “regulatory ringfence” around the core utility are trading at substantial discounts....
...Such a fluid regulatory situation will make finding new investors more difficult....
...With investor crossover between gas and water networks — Macquarie Group, the former owner of Thames Water that you report had been “criticised for loading the UK utility with debt” (Report, April 10), is...
...That commitment relied on Ofwat agreeing to a 56 per cent increase in water bills over the next five years as well as leniency on regulatory fines....
...One tier of debt in the more than £16bn of borrowings within the so-called regulatory ringfence — which surrounds the core utility and means it has to abide by regulatory conditions — plunged to little over...
...Analysts point to a labyrinth of regulatory and safety hurdles, but supporters say the technology could fundamentally reshape how humans travel and freight is moved, in a level of disruption akin to the...
...By 2006, when the Australian asset management firm Macquarie bought Thames Water from the Germany utility group RWE, the water company had £3.4bn in debt....
...This month, the parent company of Thames, the UK’s biggest water group, defaulted on a £400mn bond, part of the group’s £18.3bn stack of debt....
...He will remain as chair and director of Thames Water Utility Limited, the only part of the group that is regulated by Ofwat....
...A more holistic regulatory framework is also needed....
...French shipping group CMA CGM and carrier Air France-KLM are scrapping an air cargo partnership after struggling to get US approval to operate North American routes and deliver on the project’s promise in...
...The group lost about 80 per cent of its power generation in Russian attacks carried out in the last week of March. Five of DTEK’s thermal plants were forced to halt operations....
...“It’s hard to imagine a group more well-positioned to push this up the commercialisation curve,” Rogers said....
...Abe Silverman, who previously worked at the Federal Energy Regulatory Commission, said that utility commissions were “increasingly prioritising local control over their utilities over merger benefits”....
...A private letter sent by the regulator on March 11 demanded that in addition to reducing group debt and improving infrastructure, shareholders consider a stock market listing and breaking up the utility,...
...The debt inside the regulatory ringfence — which surrounds the core utility and means it has to abide by regulatory conditions — plunged to little over half of its face value....
...The company is lobbying industry regulator Ofwat to agree to sharp increases in water bills as well as concessions on regulatory fines and an agreement that it can continue to pay dividends....
...The group estimated the rule would cost airlines $33bn over 10 years....
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