Feb 28, 2024
Thames Water told to find extra cash itself
The water regulator has said Thames Water needs to secure extra cash itself amid reports the firm lobbied to hike bills and face lower fines. Thames Water declined to comment when contacted by the BBC. The Financial Times reported that Thames Water's shareholders were willing to inject a further £3.25bn into the business - if they could strike a regulatory deal with Ofwat. Thames Water secured a £500m cash injection from its shareholders last year but its bosses have admitted the firm still faces financial troubles, including not having enough money to pay off a £190m loan due in April. The average annual water and sewerage bill is expected to rise by 6% in England and Wales, going up £27 to £473, says suppliers' trade body Water UK. In Scotland, water and waste charges will go up by 8.8% - a rise of £36. Its latest results showed profits fell 54% in the first six months of 2023 while customer complaints rose 13%. This month, Thames Water's chairman Sir Adrian Montague resigned as the chair and director of the firm's parent company Kemble Water.
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