Thames Water

£16bn in debt, 40% increase in pollution and pushing for a 59% price hike over next 5 years and they've got the balls to come out and defend bonuses under "attracting talent"

What bit of failure is this so called talent not understanding

https://www.bbc.co.uk/news/articles/cg4zklxgwwwo

 

When I worked for the EA in Reading, Thames Water were nicknamed the Evil Empire.

 

In many industries, I really feel that the CEO's/directors need (to put it nicely) retiring with no pension. Or to put it another way, have their bits chopped off.

 

I think if your asking the regulator ofwat to approve a 59% increase to keep you afloat you shouldn't be paying any bonuses whatsoever

 

Borrowing to pay inflated dividends should be a criminal offence

 

It seems to be the business model for most of our water companies, spend nothing on infrastructure (Thames water are still using the same computers in their offices as when it was sold off), skimp on the basic day-to-day operations, borrow money on the pretext of investment to pay stupid amounts of dividends (to overseas investors) and bonuses to failing managers. Then go cap-in-hand to the government claiming poverty and asking to be allowed to increase the already excessive charges to customers.

 

Capitalism is bad. Who knew.

 

Looks like British Gas are pursuing a similar business model to the water companies.

https://www.theguardian.com/business/2024/dec/10/british-gas-owner-investors-bills-centrica-profits

 

https://www.bbc.com/news/articles/cd75nqwdpj7o

 

We should demand the government reclaimed every bonus from the individuals given them over the last 5 years..I don't care if said individuals have to sell their house/ Possessions or a kidney because these money grabbing capitalist bstrds don't give a fewk about us..

 

Does this include Shareholders bonuses that were paid out to our pension funds?

 

I've not had an accurate bill from these fuxkers since April this year after they fitted two "smart" gas and electricity meters, which it later turned out that only the gas one is smart - but they didn't tell me. Thankfully I kept giving meter readings.

They then billed me for £650 (hahaha) based on estimated readings back to 2021 even though all of all mine were sent by myself. Why? I have no clue.

Thankfully I've got all the readings written down (excel nerd) and after 3 months of complaining and them doing nothing (because they'd lost nearly my readings for the past 4 years when they also moved my account on to their new system) I went to OFGEM. BG came back in October offering me £50 and an apology, do I told them to **** off as they'd not even sorted my bill out.

It's now £150 and an apology but they have until tomorrow to rebill me and meet their agreement with OFGEM. I'm guessing this isn't going to happen.

I can't even leave because I don't have a correct bill. All they have to do is bill me for April to December! Absolutely useless. Irony is when they asked to fit new meters the reason they gave was that old meters "might give in accurate readings".

I'm savvy enough to deal with these prixks but I dread to think how someone unable to do so would have navigated this situation.

We need a culling of CEOs

 

Thames Water need to be allowed to go bust and then taken back into public ownership. Failing on every level.

 

All water companies should be brought back into public ownership. Been taking the pi55 since privatisation. Full of yes men. Those that didnt say yes were pushed aside into different roles. Makes my blood boil. Joe public paying for profit and incompetence at the highest level. To blame anything other than themselves is a lie. Acts of god I can excuse. But failures are rife even in dry weather conditions. lovely people.

 

Should never have been privatised, even if you are a Thatcherite, it's hard to justify making people pay for a crap service when there is no way to have competition in the "market". Water is a human necessity and some would say a human right. We had the probably the best water storage, purification and supply system in the world thanks to Victorian engineering, sadly even that magnificent infrastructure is in need of massive investment, investment that the private sector is simply not willing to provide.

To those that made a fast buck with water company shares (or gas or railways etc) I understand why you did it but I think you probably now understand why it was wrong.

 

Nationalise & give our water back to the people.

 

The excuse at the time was it needed private investment to bring assets up to scratch. Imo worse now than then. At least standby equipment was not only ready to use but an environment agency specification. In clean and waste treatment. Failure of compliance. Risk management became the norm.
A waste water treatment plant in Scotland around 10+yrs ago I reckon. Was failing way beyond reason. Due to I believe management/those who operated the plant. We (yw) sent a few craftsmen up for months to try help put right the wrongs. If I remember rightly it was this one.

https://www.pressandjournal.co.uk/f...may-not-have-complied-fully-with-regulations/

 

Whether one agrees with the basic principle of having private ownership of water (I dont, I think it's kak) the way the water companies were allowed to set up and run was clearly flawed. They were effectively set up to fail by not putting any real thought into what their obligations/remit should be year on year. Free market capitalism at its worst. Thatcherism at its worst. Tories at their very best as usual. Just like the rivers and seas it all stinks.

 

The billions that has been paid out to shareholders since privatisation is eyewatering all while the system needed investment. How you can put a business that has no competition in private hands defies belief of all the stunts Thatcher pulled off this must be up there.

 

Don't worry lads , where the Fkn tories let us down Labour will ride to the rescue .
If they have any balls that is .