London | Britain’s water regulator has delivered a stinging rebuke to Macquarie-owned Southern Water, slapping the English utility with a potential £54 million ($103 million) fine for having an “inadequate” five-year business plan.
Ofwat said Southern Water, which Macquarie first bought into back in 2021, was too heavily geared. It also limited Southern to a 3.7 per cent return on capital for its investors and almost halved Southern’s proposed increase in what it can bill customers.
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Hans van Leeuwen covers British and European politics, economics and business from London. He has worked as a reporter, editor and policy adviser in Sydney, Canberra, Hanoi and London. Connect with Hans on Twitter. Email Hans at hans.vanleeuwen@afr.com