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Ofwat has intervened to prevent UK water companies from using customer funds for executive bonuses, citing insufficient links to performance. Thames Water, Yorkshire Water, and Dwr Cymru Welsh Water are directly affected, with shareholders now responsible for payouts totaling £1.55 million. This decision comes amid rising public discontent over water quality and rising bills.
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Covalis Capital has submitted a £5 billion bid for Thames Water, which is struggling under £19 billion in debt. The plan includes asset sales and restructuring, with Suez Group acting as an advisor. The UK government would retain oversight through a 'golden share'. Final offers are due in January 2025.
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An investigation by the Office for Environmental Protection revealed that UK authorities, including the Environment Agency and Ofwat, failed to enforce laws against sewage dumping by water companies. This could lead to legal action if corrective measures are not taken within two months. Public anger over rising sewage spills continues to grow.