XM does not provide services to residents of the United States of America.

UK water companies fail to get basics right, environmental regulator says



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>UK water companies fail to get basics right, environmental regulator says</title></head><body>

LONDON, July 23 (Reuters) -Britain's Environment Agency lambasted the country's water companies for spewing sewage into rivers and seas, saying the majority of them were failing to get the basics right, as it outlined plans for a tougher regulatory approach.

Years of under-investment by privately-run, profit-seeking water companies in the UK has coincided with heavier rainfall from climate change and a growing population to bring the country's water industry close to crisis.

The Environment Agency, the regulator, said in its annual report on Tuesday that five out of nine companies were rated as "requiring improvement" and the pace of progress towards making water cleaner was too slow.

One of those five failing companies was Thames Water, the country's biggest water supplier, which for the last year has dominated headlines for its poor environmental record and a funding crisis, which means it could be nationalised.

The Environment Agency said that in 2023 there were 47 serious pollution incidents, up from 44 the previous year and 90% of those incidents were caused by four companies, Thames, plus Anglian Water, Southern Water and Yorkshire Water.

Industry body Water UK did not immediately return a request for comment out of office hours.

Britain's Environment, Food and Rural Affairs Minister Steve Reed called the findings "shocking".

"For too long, water companies have pumped record levels of sewage into our rivers, lakes and seas. This government will never let this happen again," he said in a statement.

The new Labour government was elected three weeks ago. It has already outlined steps to introduce new fines for water companies, increase monitoring for spills and ensure sure money is spent on infrastructure upgrades and not executive bonuses.

For its part, the Environment Agency said it would recruit 500 additional staff and quadruple the number of water company inspections by March next year.

Severn Trent SVT.L, United Utilities UU.L and Wessex Water were all given the top rating for environmental performance by the Environment Agency. It says all companies should be able to achieve that.

Severn Trent said on Tuesday it was confident it could halve its spill rate by 2030.

But doing so requires investment. Thames Water, Britain's biggest water supplier, is trying to raise new equity before it runs out of cash by next May.





Reporting by Sarah Young

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.