Customer bills make up at least 96% of water company revenue, according to Guardian analysis of company accounts for 2023. The analysis of financial data for all 14 English water companies found the industry has paid close to 20p for every pound of revenue on servicing debt on average over the past five years. England is one of the few countries where water is fully owned by private companies, that answer to offshore investors, include private and state-owned international funds, banks, multinationals and billionaires outside the UK, and they control at least 72% (2022) of English water.