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>After testing over the summer the super sewer will be handed over to Thames Water, a water company about £15bn in debt and dogged by constant rumours of financ
by katdork 3y ago
>After testing over the summer the super sewer will be handed over to Thames Water, a water company about £15bn in debt and dogged by constant rumours of financial problems. So why should they be trusted to run the super sewer?
>"We have had our challenges. It's absolutely fair to say that." Tessa Fayers, Thames Water's operations director for Thames Valley and Home Counties, told BBC News.
> "But I think one of the things if you go back in our heritage back to the 1800s Thames Water is phenomenal at delivering infrastructure solutions that provide fantastic sanitation services to the city of London."
Throughout their history, their predecessors were not private companies, but from '74 until 89, they were at least a regional water authority. This is a hilarious thing for someone to have said, especially within the corporation.
To go further, from Wikipedia:
> The company has been criticised for paying substantial dividends to shareholders while simultaneously taking out loans, accumulating £14 billion in debts. In June 2023, Thames Water was reported to be close to financial collapse; while it secured £750m from shareholders in July 2023, the company warned it would need a further £2.5bn from investors by 2030.
It's almost like most of their problems are as a result of that privatization, even... wow.