Supplier to London and southern England says £19bn of assets are failing as Ofwat weighs approving increase in bills
Thames Water has warned that its ageing assets pose “a risk to public safety, water supply and the environment” in a report that lays bare the scale of the challenge facing Britain’s biggest water utility, which is at risk of financial collapse.
The plans by Thames Water, which services around 16mn households, to increase household bills would take charges from around £471 a year now to £749 in 2029-30, assuming inflation of 2 per cent. The utility is hoping that this and a new “recovery regime”, which includes limits to regulatory fines, would enable it to raise debt and equity later this year to keep running and deliver improvements. It has stated it has enough cash to last it until May 2025.
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