<\/p>\n
\n Macquarie led a consortium that owned the UK\u2019s largest water company from 2006 to 2017 and it has been criticised for that tenure by analysts and politicians, who point to the sharp increase in debt and the payment of dividends to shareholders.\n<\/p>\n
\n The Guardian reported last year that debts at Thames Water rose from \u00a33.4 billion to \u00a310.8 billion during that time with investors \u2013 including Macquarie \u2013 receiving dividends of \u00a32.8 billion.\n<\/p>\n
\n READ MORE: Thames Water statement after widespread Oxfordshire water outage\n<\/p>\n
\n Those dividends equated to a total return of between 12 and 13 per cent per annum above the regulator Ofwat\u2019s assumption of 10 per cent.\n<\/p>\n
\n Macquarie said that reflected \u201cthe outperformance on operational metrics achieved\u201d.\n<\/p>\n
\n A spotlight has once again been put on their tenure following Channel 4 series Dirty Business, which premiered in February.\n<\/p>\n
\n It showed the public-led investigation into sewage spills into waterways, implying that treatment plant infrastructure cannot cope with demand.\n<\/p>\n
\n Macquarie has criticised errors about its tenure of Thames Water (Image: Alamy\/PA)\n<\/p>\n
\n Indeed in west Oxfordshire, where the show is partially set, plants continue to dump sewage into rivers.\n<\/p>\n
\n Responding to a request for comment from this newspaper, Macquarie pointed to a statement on its website.\n<\/p>\n
\n It said: \u201cMacquarie\u2019s ownership of Thames Water has been the subject of widespread media coverage, some of which contains errors and mischaracterisations.\u201d\n<\/p>\n
\n The company said \u00a31 billion was invested every year during its tenure in order to maintain, upgrade and expand the network, including the replacement of Victorian infrastructure.\n<\/p>\n
\n Ash Smith and Peter Hammond of WASP by the Windrush river, reflecting on Channel 4 drama Dirty Business (Image: Ed Nix)\n<\/p>\n
\n It said drinking water quality was consistently maintained and that the bills received by customers were consistently the third-lowest within the industry.\n<\/p>\n
\n Referring to its withdrawal from Thames Water, the spokesperson said: \u201cIt was clear sustained investment was needed to maintain the company\u2019s momentum and address the challenges posed by aging infrastructure, a growing population, climate change to water and wastewater network operators across the UK.\u201d\n<\/p>\n
\n Thames Water is currently owned by a consortium of international institutional investors, including the Ontario Municipal Employees Retirement System.\n<\/p>\n
\n READ MORE: Oxford plant pumps sewage into River Thames for 335 hours\n<\/p>\n
\n There have been calls for the company to be returned to public ownership, after it was sold off in the early 1990s.\n<\/p>\n
\n Ash Smith of Windrush Against Sewage Pollution, who is portrayed by Harry Potter actor David Thewlis in Dirty Business, has said that an \u201curgent reset\u201d is needed.\n<\/p>\n
\n \u201cPrivatisation has failed,\u201d he said. \u201cThames Water should be brought straight back into public ownership.”\n<\/p>\n
\n A benefit of doing this and wiping its debt would mean that 33 pence in a pound would be freed up instead of servicing interest payments, he added.\n<\/p>\n
\n The UK government has so far refused to advance nationalisation as an option.\n<\/p>\n
#Australia #based #Thames #Water #owners #criticise #errors<\/p>\n","protected":false},"excerpt":{"rendered":"
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