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Three water firms, Thames Water, Yorkshire Water, and Dwr Cymru Welsh Water, have been blocked from using customer money to pay bonuses totaling £1.6m by Ofwat, with any undeserved bonuses now being funded by owners and lenders instead. Ofwat’s new powers prevent bonuses from being funded by customer bills if environmental or performance targets are not met, with Thames Water CEO Chris Weston’s £195,000 bonus for his first three months at the company now unable to be paid by the operating company. Environment Secretary Steve Reed has called for urgent legislation to address unjustifiable bonuses in the water sector, with a review by Sir Jon Cunliffe expected to report back in June next year.
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