Kristen Villebrun and Wendy Bush hoped they wouldn't have to pray for Chedoke Creek, but four years after they first raised alarm about the water's condition, they were part of an Indigenous full moon ceremony to do just that. About 50 people showed up near Princess Point on the dark and frigid Monday evening for the monthly ceremony, which was particularly special as it focused on Chedoke Creek. The body of water that runs into Cootes Paradise had about 24 billion litres of sewage and storm water runoff leak into it due to a gate being left open.
Executives of embattled British utility Thames Water, which is partly owned by two of Canada’s biggest pension funds, have insisted that calls for its nationalization are premature and have been highly exaggerated. In an appearance before a committee of British parliamentarians Wednesday, company co-CEO Cathryn Ross said the utility wasn’t close to meeting the conditions required for the government to take over the business under a process known as special administration.
A troubled water utility company in the United Kingdom that counts two of Canada’s biggest public pensions as large shareholders is facing regulatory scrutiny and fines for sewage leaks and could require a financial bailout. The Ontario Municipal Employees Retirement System (OMERS) and British Columbia Investment Management Corporation (BCI) own 31.8 per cent and and 8.7 per cent of Thames Water, respectively. Analysts at DBRS Morningstar said in a July 5 report that OMERS and BCI are expected to weather the storm with minimal financial damage given their size, diversification and long-term performance — even if Thames Water were to collapse — but there is reputational risk for the Canadian pensions, which could affect future investment opportunities.
Thames Water may have to be taken over by the government if it runs out of money. But why is the UK's largest water company facing a crisis - and are other firms facing similar problems? When the company was privatised in 1989, it had no debt. But over the years it borrowed heavily and is currently £14bn in debt.
