Water industry finances are under pressure again. Thames Water

Last week, the Environment, Food and Rural Affairs Committee questioned Thames Water and Ofwat about the company’s financial situation. This included the nature of the recent £500m equity injection to Thames, its parent company’s ability to pay its debts, Ofwat’s new dividend lock-up powers and prospects for PR24.

After the meeting, Thames announced it had appointed a new chief executive. Chris Weston will take up post on 8 January. Weston was formerly CEO of Aggreko for seven years, and previously at Centrica, including as a member of both the board and the executive committee. He will receive an £850,000 salary and be in line for a bonus of £1.3 million a year.

New investigation

Meanwhile, a new investigation finds that water firms use up to 28% of bill payments to service debt in areas of England.