Thames Water CEO defends bonuses amid debt crisis

Thames Water has reported a 40% increase in sewage pollution incidents, totaling 359 in the first half of the year, attributing this spike to record rainfall during a wet spring and summer. The company, which is facing a £16 billion debt crisis, is seeking approval from regulator Ofwat for a 59% increase in consumer bills over the next five years, arguing that this is essential for attracting new investment. Chief executive Chris Weston defended the company's bonuses and emphasized the need for competitive compensation to retain talent amid financial struggles. The impending decision from Ofwat is deemed crucial for Thames Water’s financial stability and future operations. Without emergency funding, the company warns it could run out of cash by March 2024.