Thames Water has been fined £122.7 million after two investigations into wastewater and dividend payments - the largest penalty Ofwat has ever issued, the regulator said.The utility giant will pay £104.5 million for breaches of rules relating to its wastewater operations, after Ofwat said it "failed to protect the environment".

Thames Water has been fined £122.7 million after two investigations into wastewater and dividend payments - the largest penalty Ofwat has ever issued, the regulator said.The utility giant will pay £104.5 million for breaches of rules relating to its wastewater operations, after Ofwat said it "failed to protect the environment".