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Ofwat today set out in greater detail its reasons for proposing in September 2007 to fine Thames Water a total of £12.5 million. The economic regulator has issued a 'variation notice' as an open, robust and transparent response to initial consultation which followed its original proposal to fine the company. Ofwat proposed the penalty because Thames' reporting systems were inadequate. Neglect and low business priority on reporting non-financial data led to the company failing to provide robust information. This had damaged the regulatory process, requiring a substantial fine. There will be a further consultation period on the variation notice after which Ofwat will make its final decision. Notes to Editors: 1. The Water Services Regulation Authority (Ofwat) is the economic regulator of water and sewerage companies in England and Wales. It exercises its powers in a way that it judges will protect the interests of consumers, promote value and safeguard future water and sewerage services by allowing efficient companies to carry out their functions properly, and to finance them. 2. Copies of the 'Notice of Ofwat's proposed variation to its proposal to impose a penalty on Thames Water Utilities Limited' and 'Notice of Ofwat's proposed variation to its proposal to impose a penalty on Thames Water Utilities Limited in respect of its failures to meet the standards of performance prescribed under the GSS Regulations' are available on the Ofwat website, www.ofwat.gov.uk or from the Ofwat Library by phoning 0121-625 1373. 3. Representations about or objections to the variation notice should be made by 5pm on Wednesday 6 February 2007 to Ingrid Olsen, Head of Enforcement Policy, Ofwat, 7 Hill Street, Birmingham B5 4UA, or by e-mail to ingrid.olsen@ofwat.gsi.gov.uk. 4. Ofwat anounced its intention to fine Thames Water on 28 September 2007. The level of the proposed fine remains unchanged and breaks down as follows: 5. Please see Press Notice PN 33/07 for further details of the proposal. 6. Media enquiries to Ofwat Press Office on: 0121 625 1496/1416/1442  | ||||||
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