Apr 22, 2024
Thames Water makes fresh bid to lift bills by 40%
Thames Water is seeking to persuade the regulator to let it raise consumer bills by at least 40% by investing more money in environmental projects. Thames had originally proposed investing £18.6bn, but also increasing customer bills by 40% excluding inflation over the five-year period. Thames said it could potentially increase investment by another £1.9bn, although that would lead to customers' bills rising by 44%.It is thought that a final decision from Ofwat will come at a crucial meeting on 23 May with a "Draft determination" of what companies will be allowed to charge from next year issued on 12 June.Thames Water's operating company has reassured its 16 million customers it has enough money in the bank to continue delivering water and waste services until May of next year. Thames Water chief executive Chris Weston said: "Our business plan focuses on our customers' priorities... we've now updated it to deliver more projects that will benefit the environment."We will continue to discuss this with our regulators and stakeholders. Thames Water troubles swell as parent firm defaults.
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