Thames Water ‘close to deal that would spare it new Ofwat fines until 2030’
Thames Water is said to be close to a deal with its regulator that would allow the company to avoid new fines for four years, as long as it commits to investing in the business,The controversial offer, reported by the Financial Times, has been put forward by creditors who are hoping to save the struggling utility from being temporarily renationalised,Thames has been trying to stave off financial collapse for more than two years, after building up a £17,6bn debt pile in the decades after its privatisation,Bosses tried to sell the company last year but faced embarrassment when their preferred bidder, KKR, pulled out of the deal at the last minute.
The sector watchdog for England and Wales, Ofwat, is now reportedly poised to accept what is known as “undertakings” from the company, which would lead to it committing to fix the issue that caused the original problem rather than paying a penalty to the government.However, there are pressures on the potential deal, which was first put to the regulator in June 2025, with Thames due to run out of money again this October.If approved, it would cover only potential fines levied by Ofwat, meaning the water company could still face penalties from the Environment Agency, as well as having to battle any legal cases.Thames’s creditors, who provided the company with £3bn worth of emergency funding last year, are also individually negotiating pollution, leakage and other performance targets that were imposed a year ago.Any deal of this kind would have to go out for a three-month public consultation, but would prove controversial, particularly at a time when its customers are facing a rise in bills of more than a third by 2030, before accounting for inflation.
In a statement given to the FT, creditors said: “All outstanding fines will be paid.Regulators will have enhanced transparency, and Thames Water will have clear accountability for reducing pollution and improving environmental outcomes against stretching performance targets.”Thames Water told the FT it “remains focused on securing a market-led solution which delivers improvements for customers and the environment as soon as practicable while making progress with our operational and financial turnaround plan.“We have launched our biggest upgrade in 150 years with a record £1.26bn in capital investment – an increase of 22% year on year – in the first six months of 2025-26 focused on fixing leaks, pollution and water quality.
”An Ofwat spokesperson said: “We continue to engage with London & Valley Water [group of creditors] and are reviewing their plans carefully to assess whether they deliver a turnaround in the company’s operational performance and strengthen its financial resilience to the benefit of customers and the environment.”
Oil price jumps and markets slide after Trump warning to Iran
Oil prices soared and stocks sank after Donald Trump vowed in a televised speech to hit Iran “extremely hard” over the coming weeks, knocking hopes of a near-term end to the conflict in the Middle East.Brent crude prices jumped by 8% on Thursday morning to pass $109 (£82) a barrel, reversing Wednesday’s drop when hopes of a de-escalation in the Iran war pushed the international benchmark below the $100-a-barrel mark at one point.The cost of oil produced in the US also jumped, with a barrel of West Texas Intermediate – crude that is drilled and processed in the US – rising by 11% to $111.60 a barrel, over the $110 mark for the first time since 9 March.Stocks in Asia suffered, with Japan’s Nikkei index falling 2
US crude oil hits $110 a barrel and markets drop as Trump dashes Iran de-escalation hopes – as it happened
US crude has surged over $110 a barrel today, for the first time in over three weeks.The price of a barrel of West Texas Intermediate has jumped by 10% today, after US President Donald Trump vowed to hit Iran “extremely hard” for the next few weeks, dashing hopes of de-escalation and an early end to the conflict.US crude is trading at $111 a barrel, the highest level since 9 March.This puts a barrel of WTI above the international benchmark, Brent crude, which has jumped more than 8% to $109.32 a barrel
Goodbye mrbrightside416: Google allows users to alter quirky Gmail addresses
Did your McLovin!1976!@gmail.com email address seem funny at the time but less so now you are applying for dozens of jobs?Google has said it is giving US users a chance to appear more professional by letting them change their Google account username – whatever appears before @gmail.com in an email address – without losing access to their account.However, the tech company will limit the name changes to one per 12 months. In an example shared online by Google, the email address sk8tergrl123
Pupils in England are losing their thinking skills because of AI, survey suggests
Pupils using artificial intelligence are losing their capacity for critical thinking, according to a survey of secondary school teachers in England.Two-thirds said they had observed the decline among children who they also said no longer felt the need to spell because of voice-to-text technology.“Students are losing core skills – thinking, creativity, writing, even how to have a conversation,” one teacher told the National Education Union poll.“AI is destroying what ‘learning’ – problem-solving, critical thinking and collaborative effort – is,” said another. A third anonymous contributor added: “Children no longer feel the need to spell as voice-to-text replaces knowledge
‘World is his oyster’: new Derbyshire home and mentor offer Shoaib Bashir fresh start
A new season dawns and for Shoaib Bashir it represents a new beginning. Overlooked by England for the entire Ashes despite two years of investment, and having had a nomadic career up to this point, the former Surrey youth player has joined Derbyshire on a two-year deal in the hope of calling somewhere home.Not that the off-spinner’s goals have changed. In his first media appearance since that winter carrying drinks, the 22-year-old is determined to win back his Test spot. Swapping Somerset for Derbyshire is a case of looking for regular game time, plus the chance to work with a decorated head coach in Mickey Arthur
Weakened Leicester show why away sides need Champions Cup miracles
The odds on multiple away wins in this weekend’s Champions Cup last 16 are not terribly good. Since the single-leg concept was born three years ago there have been 24 matches, with the hosts losing only two. If that strike rate alters significantly this time it will certainly confound the bookmakers.Bordeaux Bègles, the defending champions, have even been quoted at 1-100 to beat Leicester on Sunday, a remarkable price for a two-horse race. It might be slightly different if the Tigers were at full strength but, as the bookies are keenly aware, that is very much not the case with, among others, Ollie Chessum, Joe Heyes and Nicky Smith all non-runners
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