UK water companies gained £800m windfall
Source: Energy Live News
Water companies made windfall gains of at least £800 million between 2010 and 2015.
That’s according to a new report by the National Audit Office (NAO) which stated firms earned £410 million from lower than expected corporation tax rates and £840 million from lower than expected interest rates.
It added they absorbed costs and provided water bill discounts worth up to £435 million during the same period, leaving them with around £800 million.
However, customers’ bills did not fall because Ofwat didn’t “balanced the risks” between water companies and consumers, NAO stated.