Water company fine should be used for environmental investment
Water company Severn Trent faces a £35.8m fine by Ofwat, the biggest penalty ever imposed by the water industry regulator, and pleaded guilty to two fraud charges this morning. That means the company could be hit by a further sizeable fine next month. Severn Trent's chief executive, Tony Wray, admitted mistakes but blamed a "previous regime" at the firm. He apologised to the company's eight million customers and said the firm would cut bills by £10.6m, equivalent to £2.40 per household.