Thames Water

[Papa Lazarou]

I had a look at their accounts, they’re awful, but the damage is painted over by large property sales of £1.6bn in 2023.

They’ll probably stumble long because if the shareholders (they include uni pension funds for example) can’t afford them to fail …. as they’d be writing off their entire spend. I suppose any government would ultimately save the operation.

I don't see why this government would bother bailing out pension funds now. Liz Truss did more damage to our pensions in a couple of weeks than any number of companies failing.

 

[Weststander]

I don't see why this government would bother bailing out pension funds now. Liz Truss did more damage to our pensions in a couple of weeks than any number of companies failing.

Our worst prime minister? But I can’t remember the Victorian ones .

Frightening to think that for 49 days we had a right wing Trump/Bannon-esque buffoon in charge. The proof of her raison d’etre …. her antics in recent months, up to her eyeballs in US right wing bullsh1t.

 

[Pevenseagull]

Absolute shits. Shits running the company, shits owning the company and shits in the rivers.

 

[Harry Wilson's tackle]

Precisely.

Thames Water going bust and yet it has paid out insane amounts in shareholder dividends. The tory government will step in with oodles of taxpayers money to bail them out, then in year or so 'sell' it back to private 'industry' at a pittance.

Only because of privatization, which the public seemed to lap up under Thatcher, is it possible for the tories to rinse the public by diverting tax income to bail out private interests. What mugs we have become (the British Public).

And a tory will be along soon to explain how this is all right and proper, makes economic sense in the long term, and whatabout Jeremy Corbyn.

Someone just thumbsed this up from last year. So what happens now the shareholders won't sanction any more infrastructure spending? I fear that my prediction will come true. Well, if it is a labour government that has to bail them out, I trust that it will remain in public ownership.

What a disgrace, though, from the initial privatization to now. How many years have the shareholders been sucking dividends out of the business while the infrastructure is neglected (and I don't care how much money has been spent on infrastructure, the issue is shareholder dividends have depleted the available funds).

That's the risk when a monopoly is transferred from state to private hands. Illegal in America (albeit one assumes the rules are flouted). Sucking money out of a private monopoly then tossing away the husk is almost inevitable. Who knew? And who cared?

 

[Harry Wilson's tackle]

Gove has told Thames Water they are a disgrace and will have to sort themselves out without cranking up prices.

Credit where it's due. Well done, Mikey

 

[Weststander]

BBC2 literally just started, a fly on the wall doc series about Thames Water, including its financial crisis.

In fairness to the current Board, the debt was loaded on the company by the immoral/crooked last owners Macquarie.

 

[Grizz]

Bastards are trying to rinse their customers for all they're worth. Tried to increase our DD by 100% in February with minimal increase in use over the last 15 years. I had no issue with increasing it in line with the 53% rise, but nope, they weren't having it. No way of changing it, even phoning there was no way of changing it. Told them to cancel it and I'll pay the bill every six months using monthly readings.

 

[alanfp]

BBC2 literally just started, a fly on the wall doc series about Thames Water, including its financial crisis.

In fairness to the current Board, the debt was loaded on the company by the immoral/crooked last owners Macquarie.

... and probably the shareholders who owned TW before Macquarie too,

But I'm afraid I wasn't impressed with the current CEO's answer when asked by the reporter "So where's all the (customers') money gone then?". He answered "I wouldn't know - I've only been here for ten months".
Fortunately I was watching TV at home on my own, so I was able to actually say out loud what I thought of him.

 

[Weststander]

... and probably the shareholders who owned TW before Macquarie too,

But I'm afraid I wasn't impressed with the current CEO's answer when asked by the reporter "So where's all the (customers') money gone then?". He answered "I wouldn't know - I've only been here for ten months".
Fortunately I was watching TV at home on my own, so I was able to actually say out loud what I thought of him.

Letting the cameras in for a PR coup, appeared a mistake. The enterprise came across as amateurish and in terminal decline.

 

[BrightonCottager]

And now Southern Water is owned by Macquarie and many of SW's top executives are ex-Thames. Allegedly, OFWAT have put safeguards in place to stop them loading the company with debt and using our water charges to pay shareholders and bonuses to the bosses.

There is currently a call for evidence in the review of the water industry. If you have views or concerns or ideas about how water should be run, let them know.

 

[tedebear]

... and probably the shareholders who owned TW before Macquarie too,

But I'm afraid I wasn't impressed with the current CEO's answer when asked by the reporter "So where's all the (customers') money gone then?". He answered "I wouldn't know - I've only been here for ten months".
Fortunately I was watching TV at home on my own, so I was able to actually say out loud what I thought of him.

I agree Chris Weston came across very badly and his £850k salary is downright disgusting in the face of his approach. Spending most of the time grinning, this hasn't gone well for him or his team particularly their Head of Comms Caroline and her desire to tell their "side of the story". Its fairly clear that Macquarie borrowed against the companys assets to pay dividends. But the current administration were portrayed as just focused on getting the money in and poking fingers at Ofwat, rather that listening to the real people at the pumping stations and sewage treatment works who know the real problems...Some of those engineers are more clever than those sitting atop this stinking pile. Interesting view here:

Who let the BBC inside Thames Water?

The water company has made a cretinous mistake in letting TV cameras capture its ineptitude.

www.newstatesman.com