The UK’s largest water company was trying to strike a deal with the watchdog Ofwat that would give it permission to charge customers more to avoid having to be taken over by court-appointed special administrators, the Financial Times reported.
That plan would give Thames Water permission to increase bills by 40% by 2030, while also offering more leniency around regulator fines and rules around the dividends it can pay to shareholders.
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Last week, the Department for Environment, Food and Rural Affairs (Defra) updated 30-year-old legislation on the special administration regime, which would allow existing shareholders to retain a stake in the company and make it less likely that failing water companies could be fully renationalised.
Electric, sewer, gas, water and internet should all be completely publicly managed or non-profits with a cap required on executive salaries. These are things people need to live and exploiting them is just wrong.