Latest news with #watercompany
Yahoo
4 days ago
- Business
- Yahoo
Cox makes $4.7 billion offer for Iberdrola's Mexican assets, El Confidencial says
(Reuters) -Spanish renewable energy and water company Cox has submitted an offer to take over Iberdrola's assets in Mexico worth around 4 billion euros ($4.69 billion), newspaper El Confidencial said on Monday, citing unnamed sources close to the process. Spanish utility Iberdrola hired investment bank Barclays to sell 15 renewable power plants in Mexico as it seeks to exit the country on concerns about the legal and tax stability in the country, El Confidencial reported last week. Iberdrola already sold 55% of its assets in the country to the Mexican government for $6 billion in 2024, which the Mexican government called at the time a "new nationalisation" of the electricity market. Iberdrola and Cox, which is present in Mexico, did not immediately respond to requests for comment. ($1 = 0.8532 euros)
BBC News
20-07-2025
- Business
- BBC News
Southern Water boss pay rise 'outrageous', says environment secretary
The environment secretary has urged Southern Water's chief executive to turn down a pay rise worth hundreds of thousands of pounds, saying it was not "merited".Lawrence Gosden was awarded £691,000 as part of a long-term incentive plan this year, on top of his fixed pay of £687,000, according to the company's annual is understood that he has only received half of this payment this year, taking his total pay to more than £ Secretary Steve Reed told Sunday With Laura Kuenssberg it was "outrageous" and suggested the water company to "think about how this looks to their customers". He said: "Trust between the customers and the water companies is at the lowest point probably ever and, by paying their senior executives rises of that kind, what message are they sending to their customers?"Asked whether Mr Gosden should turn down the pay rise, Mr Reed said: "I think it would be right if he did.""I don't think Southern Water has performed well enough for that kind of pay increase to be merited," he added. Southern Water was banned from paying bonuses last month over a so-called category 1 sewage spill in the New Forest, Hampshire, in August new rules, companies are banned from paying bonuses if they do not meet environmental, consumer or financial standards, or are convicted of a criminal Water has insisted the payment to Mr Gosden is not a bonus but part of a long-term incentive plan set up in 2023, and would be paid directly by shareholders.A company spokesperson said its chief executive's pay and benefits were decided by a remuneration committee "following protocols and rules set out by Ofwat and in accordance with the law".They added: "Lawrence Gosden's 2025 package includes a relocation allowance and long-term incentive plan paid by shareholders, which marks improvements made during the delivery of our turnaround plan. "Both of these payments represent common industry practice." You can follow BBC Hampshire & Isle of Wight on Facebook, X (Twitter), or Instagram.
The Guardian
14-07-2025
- Business
- The Guardian
English water firm doubles CEO's pay despite ‘elevated concern' over finances
A water company serving 3.9 million customers in London and south-east England has doubled the pay of its chief executive, despite the regulator saying it had 'elevated concern' over its financial situation. Affinity Water said its chief executive, Keith Haslett, received £1.6m for the 2024-25 financial year, up from £709,000 the year before. Bosses' pay at privately owned water companies has been under intense scrutiny in recent years as the public and politicians expressed increasing anger over leaking infrastructure and sewage spills into rivers. Campaigners have criticised high pay for executives for a service which is essential for life, and over which they hold monopolies in each area. It also emerged this week that Severn Trent, which supplies an area covering Bristol to the Humber, and mid-Wales to the East Midlands, awarded its chief executive, Liv Garfield, £3.3m for the 2025 financial year. Affinity Water provides water services only to customers mainly to the north and west of London, including parts of Hertfordshire and Surrey, as well as parts of Essex and Kent. Affinity is owned by the German insurer Allianz, the FTSE 250-listed infrastructure fund HICL, and DIF, part of the US private equity fund CVC. In November Ofwat, the water regulator for England and Wales, said it had 'elevated concern' over its finances because of debt levels equivalent to 75% of the value of its assets – above the 60% Ofwat targets – and the failure of its owners to invest in line with a previous business plan. However, the shareholders in February agreed to invest £150m, easing the financial pressures. The pay increase for Haslett, which emerged in its annual report published last week, was mainly due to a new 'retention payment' of £503,000. He was also awarded an extra £251,000 under a new long-term incentive plan, while his annual bonus increased 29% to £350,000. That was on top of a base salary and other benefits worth £449,000. The company's remuneration committee noted the 'unprecedented level of adverse public and political sentiment' around high pay for executives. The bosses of six water companies – Thames Water, Anglian Water, Southern Water, United Utilities, Wessex Water and Yorkshire Water – were banned from receiving bonuses last month because of sewage spills. However, Affinity does not provide sewage services, meaning it is less likely to be caught by the ban. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion The report also showed that the chief financial officer, Adam Stephens, received £298,000 for three months' work, having joined the business in January. A Severn Trent spokesperson told the Telegraph, which first reported on Garfield's pay: 'We're the only company to receive the highest four-star status for environmental performance for the fifth consecutive year, and our £15bn business plan to invest was rated outstanding by the regulator. 'Executive pay is based on performance and Severn Trent are consistently recognised as leaders.' Affinity Water was approached for comment.
BBC News
09-07-2025
- Climate
- BBC News
Thames Water warns of possible hosepipe ban
A water company has warned it will announce a hosepipe ban unless the current water shortage "changes significantly".Thames Water said a lack of rain and increasing demand had stretched urged customers to use water sparingly to help avoid the need for Environment Agency said it had declared a state of Prolonged Dry Weather in large parts of Oxfordshire, Berkshire and Surrey. In a post on X, the agency said the Thames area had experienced half of its expected rainfall in the last three Water said demand in the Swindon and Oxfordshire areas peaked on 30 June at a level last seen during the 2022 said: "The ongoing dry weather and increased customer demand is impacting our water supplies across the Thames Valley."Unless the situation changes significantly, we will need to put usage restrictions, including a hosepipe ban, in place to ensure taps keep running for customers' essential use."The firm appealed to customers to take shorter showers, turn off taps and let lawns go dry to conserve has experienced the driest March, April and May since 1893, the government previously have been declared in north-west England and Yorkshire, while several areas have Prolonged Dry Weather status. You can follow BBC Oxfordshire on Facebook, X (Twitter), or Instagram.
BBC News
03-07-2025
- Business
- BBC News
Tankers brought in to help 'keep taps flowing' in Surrey
Tankers have been brought in to "help keep taps flowing" for customers in a part of Surrey, a water company has said. Thames Water said hot weather and high demand were presenting "challenges" in maintaining water supplies in south Guildford. It urged people in the area to conserve water wherever possible, such as by taking shorter showers or turning off the tap while brushing their teeth. "Our teams continue to work around the clock in the heat to deliver high-quality drinking water to our customers' taps," Thames Water said in a statement. "Fortunately, our water resources remain in a reasonably healthy state," it added. The South East has experienced scorching temperatures this week, with Tuesday confirmed by the BBC Weather Centre as the hottest day of the year so far. The supply issues come as the beleaguered water company, which hiked bills for customers earlier this year, faces continued heavy criticism over its performance. In May, Thames Water was fined £122.7m for breaching rules over sewage spills and shareholder payouts - the biggest penalty ever issued by water industry regulator with £20bn in debt, it serves about a quarter of the UK's population, mostly across London and parts of southern England.
