Regulator Puts Debt-Ridden Thames Water Into Special Measures

Published on July 11, 2024

Regulators have put debt-ridden Thames Water into special measures and have rejected the company’s request to increase consumers’ water bills by 44 percent over the next five years. Ofwat said that given concerns about the performance of Thames Water, it would impose a “Turnaround Oversight Regime,” which would include requirements for the utility company to provide a “delivery action plan” setting out proposals on improving its performance on dealing with leaks and sewage spills. According to the draft verdict published on Thursday, the company will also have to provide a “financial resilience plan,” with the regulator saying it would continue to monitor the company’s financial status. Ofwat may appoint an independent monitor to report on its progress....

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