Heavily indebted Thames will have to ‘fully re-evaluate’ its current turnaround strategy under Ofwat’s measures.
Regulators have imposed a “turnaround oversight regime” on Thames Water and opposed the utility firm’s planned 44% rise in consumer bills over the next five years.
The watchdog also reduced Thames’ planned investment in its services, including upgrading its ageing infrastructure, to £16.9 billion, down from the £21.4 billion the company had proposed. But chief executive Chris Weston said on Tuesday that the investment is “dependent on securing a final regulatory determination that is … investable”.
However, the regulator has rarely made major deviations between its draft and final rulings in previous years, meaning today’s statement gives companies an indication of how lenient it is likely to be later on.
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