By Lars Mucklejohn Moody’s has estimated that UK water companies could be fined a total of roughly £2bn over the next five years. Analysts at Moody’s Ratings said in a report that they expected “most” of the 17 major water firms in England and Wales to incur net penalties over the period if they perform in line with their business plan assumptions. The forecast came after regulator Ofwat issued a draft determination last month allowing companies to increase average bills by 21 per cent to fund an £88bn infrastructure upgrade – less than the 33 per cent the industry had requested and prompting …