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July 12, 2016



TOMORROW the annual general meeting of Welsh Water will endorse a five year plan that is likely to see over a million customers overcharged.

Bills could be more than £50 million higher than necessary in each of the next five years.

The reason is the company may decide to spend more on capital expenditure than it has agreed with the regulator Ofwat.

Rebecca Television has discovered that Ofwat has already imposed an £85 million penalty on the company for over-spending on capital investment in the previous five years.

The decision went completely unnoticed in Wales.

When it was founded, Welsh Water promised it would be run “solely” for the benefit of customers.

It’s not true.

The real beneficiaries of Welsh Water are the highly-paid directors and the holders of the company’s colossal debts.

These debts — in the form of Eurobonds — are among the safest and most profitable investments in the world.

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