Utility firm Thames Water to pay more than 11 million pounds in compensation By Reuters

© Reuters. FILE PHOTO: A Thames Water operative views pallets of bottled water for distribution in Hampstead in London, Britain, March 5, 2018. REUTERS/Toby Melville

(Reuters) -UK’s water regulator said on Thursday utility company Thames Water would pay more than 11 million pounds ($15.03 million) to nearly 14,000 business customers for incorrect billing.

Ofwat launched an investigation into Thames Water, one of Britain’s largest water companies, after a complaint in March 2019 that raised concerns about the accuracy of data provided by it.

The regulator said the errors hurt retailers who faced an increase in costs and in some cases even lost customers as a result of being blamed for the problems.

Thames Water has proposed a series of undertakings, including strengthening its internal processes and controls over how it handles market data and complaints, Ofwat said.

The regulator added that it was planning to accept the undertakings and compensation package offered by the company, and issue a nominal penalty of one pound.

($1 = 0.7318 pounds)

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