Thames Water has been ravaged since privatisation by soaring debts and chronic underinvestment. Image: Wikimedia Commonssince privatisation by soaring debts and chronic underinvestment, sinking into a deep financial crisis which has sparked bailout speculation.
Thames Water was floated on the London stock exchange before being acquired by German power giant RWE in 2001. “Debt levels… ballooned during Macquarie’s time,” said Katie Meehan, co-director of King’s Water Centre at King’s College London.Critics accuse successive major shareholders of using debt to pay themselves generous dividends.
However, UK water companies face outrage after failing to reduce leaks and slash raw sewage discharges into beaches and rivers. Thames, whose financing needs run into billions of pounds, had already announced in March that it failed to raise a £500-million cash injection from shareholders.
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