Ofwat puts Thames Water into turnaround regime

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Water regulator Ofwat has placed Thames Water into a special ‘turnaround oversight regime’ that will require it to re-evaluate its business plan and limited the increase in the utility’s household bills.

Thames Water can raise household bills from an average of £436 this year to £535 by 2030, Ofwat said on Thursday, well short of the £627 that the utility has said is needed to help attract critical new funding from investors and overhaul its ailing infrastructure.

The ruling came in Ofwat’s response to Thames’ business plan, which water companies are required to submit to the regulator every five years.

The Thames ruling came alongside those for the business plans submitted by the 15 other companies that supply water and sewage services across England and Wales.

Announcing Ofwat’s long-waited determination on Thursday, chief executive David Black said: “Our draft decisions on company plans approve a tripling of investment to make sustained improvement to customer service and the environment at a fair price to customers.”

This is a developing story

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