Member

Thames Water is not alone in these practices. Yorkshire Water capitalised £54.8 million in interest payments in 2024 and £50.8 million in 2023. There is hardly any water company that does not engage in financial engineering and inflate its distributable reserves. Ofwat and the Government have done absolutely nothing to check that. Over the years, the distributable reserves of companies have been inflated by billions and billions of pounds. The accounts of water companies do not disclose distributable reserves, and no information is provided about the composition of those reserves, but dividends continue to be paid.