UNITED Utilities, owners of North West Water, have announced higher profits and an increased dividend for shareholders.
That is excellent news for them. We trust this is a reflection of how well and efficiently the company is run.
But apparently United Utilities has no intention of passing on some of their good fortune to its customers. Not only is North West Water not increasing its rebate on bills this year, they have reduced it from £10 in 1997 to £6.50.
The water watchdog Ofwat is calling on United Utilities to share some of its increased profits among customers. Quite right too.
Ofwat believes the benefits of privatisation have so far been weighted too much in favour of the shareholder. It certainly seems that way and United Utilities should redress the balance by sharing out its cash.
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