Ofwat in a sentence

Ofwat gained new powers to stop companies paying dividends if they would risk their financial stability, or to step in if the payments are not being linked to performance.

The current leadership of Ofwat is also under pressure over its performance in regulating water firms, but denied its chair, Mr Coucher, had been "asleep at the wheel".

After confirming in July that it would allow costs to increase by 21 per cent, with a view to fund investment in new infrastructure worth £88 billion, Ofwat has been negotiating with 11 providers over their demands to be able to significantly raise bills.

But it says it comes after Ofwat backed its plan for a major multibillion pound investment programme.

But it took almost a decade for Ofwat to gain powers to stop water companies from paying dividends to service the debt of their parent companies as Thames had done with Kemble.

But Ofwat and the Environment Agency have also been focusing on spills at treatment plants.

Earlier this week, the chief executive of Southern Water received a £183,000 bonus despite submitting a business plan that has been criticised by Ofwat and attempting to raise bills more than any other English water company.

It said: "Ofwat's draft determinations would likely result in significant investability issues for the sector as a whole.

It said: “Ofwat’s draft determinations would likely result in significant investability issues for the sector as a whole.

Moody's and S&P demoted Thames Water's debt status on July 24 and July 31 respectively, subsequent to Ofwat categorising the firm under special measures.

Ofwat is actively seeking an independent 'monitor' to oversee Thames Water's progress and grant them access to company data, according to City AM.

Price hikes will range between 21% and 53%, according to Ofwat.

Singer turned water campaigner Feargal Sharkey said yesterday: ‘Ofwat is making us pay for decades of criminal activity.

Thames Water said it was in ongoing talks with Ofwat to secure regulations that were “affordable for customers, deliverable and financeable for Thames Water, as well as investible for equity investors”.

The naturalist said: “I think we need a new type of Ofwat, a proper regulator that holds people to account.

The proposed fines are subject to public consultation until September 10, after which Ofwat will make its final ruling.

United Utilities said that it is proposing an investment programme in its infrastructure 'not seen on this scale for a century' totalling £13.7 billion if accepted by regulator OFWAT.

Water regulator Ofwat has proposed £168m of fines for three of England’s biggest water companies after saying they failed to manage sewage spills.

Weston also defended the attempt to pay bosses £770,000 in bonuses, which Ofwat intervened in, saying that no clear justification was given for the payments.

Critics such as Mr Blaiklock say that Ofwat has missed the transformative power of the cheap debt available after the financial crisis.