plan for collapse of Thames Water

If we have a lot of foreign investment for our services the Government need to absolutely make sure OFWAT are actually ******* useful. They have been awful and need a complete overhaul.
 
Deep said:
If we have a lot of foreign investment for our services the Government need to absolutely make sure OFWAT are actually ******* useful. They have been awful and need a complete overhaul.
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They also need to merge them into the EA, or take some other measures to ensure their respective regulations are properly aligned, rather than directly opposing each other.
 
I submitted a complaint to CCW (I assume they're who to complain to) a few days ago about the lack of progress from TW about our meter (fitted 10th June 2023), which hasn't been activated, and no comparisons have been sent.

Weirdly, today I got an email from TW telling me that my new payment plan is ready, and it looks like they've finally activated the meter and put my account in £200 credit. Where they've got this credit value from, I'm not sure; there's no comparison of usage available yet, but hopefully I'll get some figures soon.

No idea if my complaint moved things along or not.
 
tangey said:
Saw it last night, couple of things stood out.

1)just about everyone in management that was featured appeared to be ill suited for the job they were doing, totally out of their depth and have no grasp on what they were doing, and no ability to substantially effect outcome, it all fundamentally was just a case of getting thru the day. Many seemed to be so miserable/depressed at the reality of the job.

2) Amazed that the "on the ground guy" going outside to the tanks /churns etc, all the values and overflows etc are all controlled manually with wheel valves. No automation.

I got to thinking that the UK's entire infrastructure is just totally gone, water, rail, road, NHS, absolutely everything is vastly over capacity and chronically failing and underfunded, to the point that they are all just fixing the odd line here, filling in the odd pothole. I wonder is the electricity infrastructure in an equally bad condition.

I'm starting to think the country isn't all that far away from coming to a complete standstill.
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Fraud at the top.
 
Diddums said:
You should consider moving to Spain, literally no fraud there at all, ever.
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I am, I know there's fraud in Spain. The UK you know it but they don't do that much about it. They don't really do much about it in the UK look at Thames water. They were told not to issue dividends last year to share holders but they still did £450 million and nothing happened. The water regulator should have reduced the billing increase they were given by the dividend AMOUNT plus 20% as punishment.
 
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If someone can make short term money at the expense of someone elses long term pain and there are no consequences, they will do it every time. The people who end up in these positions are exactly the sort of people who behave this way and in that business you are rewarded for short-termism. Who cares about 5 years from now. You will be gone. Shareholders in that time will have done well. The future is someone elses problem. If things fall apart you will move onto the next company.
 
fez said:
If someone can make short term money at the expense of someone elses long term pain and there are no consequences, they will do it every time. The people who end up in these positions are exactly the sort of people who behave this way and in that business you are rewarded for short-termism. Who cares about 5 years from now. You will be gone. Shareholders in that time will have done well. The future is someone elses problem. If things fall apart you will move onto the next company.
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Reason why they have water shortages they sold off a lot of assets like many reservoirs, but the consumer pays for it.
 
fez said:
Whats the old saying. Privatise profits, socialise losses.
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The sale went into the dividend payouts, the gov looked the other way,. Its happing everywhere. Of courses the costs go up but the public pay.
Like the shared ownership scheme such a con, people should stay away from this fraud. Give it 20 years and It'll be the next big scandal.
 
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Tram said:
They were told not to issue dividends last year to share holders but they still did £450 million and nothing happened.
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£195m and it was to the internal shareholders at the parent company in lieu of loan repayments and interest... and they were fined £40m for it.
They have not paid external shareholders anything since 2017.

Tram said:
Reason why they have water shortages they sold off a lot of assets like many reservoirs, but the consumer pays for it.
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They sold several very small reservoirs that were over 170 years old and no longer in use... How does this result in water shortages?
 
I read something about the Thames water bosses getting a bonus. The bonus comes from the emergency loan. What's up with these regulators, no backbone.
 
Tram said:
I read something about the Thames water bosses getting a bonus. The bonus comes from the emergency loan. What's up with these regulators, no backbone.
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These were enticements in order to get them to take on the contract, conditional upon them hitting certain targets. They hit the targets, they got the payments... and they would not have come from emergency funding.
Don't believe everything you read.

The regulators have already tried interfering with CEO bonuses in London before. Companies just increased base salaries instead.
 
I hate this thread and now LBC doing a phone in on this right now. Chairman claims the most precious resource at the company are the ... senior management teams. *blink*

ttaskmaster said:
These were enticements in order to get them to take on the contract, conditional upon them hitting certain targets. They hit the targets, they got the payments...
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Begs the question what exactly were these targets? Successfully providing bank details to receive their remuneration?
 
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darkgen said:
I hate this thread and now LBC doing a phone in on this right now. Chairman claims the most precious resource at the company are the ... senior management teams. *blink*


Begs the question what exactly were these targets? Successfully providing bank details to receive their remuneration?
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Over charging customers for as long as possible.
 
darkgen said:
Begs the question what exactly were these targets? Successfully providing bank details to receive their remuneration?
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It would have been something along the lines of hitting OFWAT leakage or CSAT scores, along with implementation of turnaround plans within X time. Nothing too taxing in itself, but doing it within 3 months is still impressive in relative terms. These things usually take years to happen.
 
ttaskmaster said:
It would have been something along the lines of hitting OFWAT leakage or CSAT scores, along with implementation of turnaround plans within X time. Nothing too taxing in itself, but doing it within 3 months is still impressive in relative terms. These things usually take years to happen.
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Reasonably, how can that be measured, and rewarded, in such a short space of time though? I don't know. Good work if you can get it.
 
darkgen said:
Reasonably, how can that be measured, and rewarded, in such a short space of time though? I don't know. Good work if you can get it.
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Has it been implemented - Yes/No.
Simple as that, really. They obviously have to offer some kind of financial incentive to attract someone for the role. The previous CEO already just cut and ran when she saw the magnitude of the problem she'd taken on... The current bloke took it from a sinking ship, to one with four or five pretty serious investors all vying for it.
 
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