US EditionThames Water defers bill challenge to pursue last-ditch rescue
Thames Water is prioritizing a recapitalisation deal with creditors to avoid Special Administration and restore stability, serving 16 million customers with over £20 billion in debt.
- On Tuesday, Thames Water deferred its planned challenge to Ofwat's bill increase curbs, agreeing with Ofwat to pause legal action while talks with TWUL's senior creditors continue in the coming weeks.
- TWUL is pursuing a private-sector recapitalisation that would put its biggest creditors in control to avert Special Administration, while London & Valley Water Consortium submitted a turnaround proposal earlier this month for regulator scrutiny.
- Thames Water serves 16 million customers and had put its appeal on hold in March, facing a Wednesday deadline to decide on bill increases.
- No deadline has been set for the deferral period after Thames Water and Ofwat agreed fixing an end date offers no benefit; Thames says it is working with stakeholders to finalise a recapitalisation that avoids Special Administration.
- Recurring fines for poor performance have undermined Thames Water's recovery, and the company had already set aside its push for higher bills ahead of Wednesday's decision deadline.
7 Articles
7 Articles
Thames Water just delayed its appeal to hike customer bills, how kind
On Tuesday 21 October, Thames Water announced that it had agreed with Ofwat to defer an appeal with the Competition and Markets Authority (CMA) over demands to increase customer’s water bills. The news comes as the Environment Agency gives the flailing polluter the lowest one-star rating after repeated sewage spills. Thames Water: off the hook again Water companies are legally obligated to submit investment plans to Ofwat every five years for ap…
Thames Water defers bill challenge to pursue last-ditch rescue
Britain's Thames Water said on Tuesday it had agreed to defer its appeal of the regulator's decision on how much it can raise customer bills while it races to secure a rescue plan funded by its creditors in the coming weeks.
Thames Water Delays Challenging Watchdog’s Ruling on Bills Amid Rescue Plan
Thames Water has agreed to delay a possible appeal over how much it can charge for customer bills while talks over a refinancing deal with potential buyers take place. The UK’s biggest water firm said it had agreed with Ofwat to defer the case until further notice. It had previously asked the water watchdog to refer its price review to the UK’s Competition and Markets Authority (CMA). It is among a number of utilities firms urging regulators to …
The Independent
business-live.co.ukThames Water delays challenging watchdog’s ruling on bills amid rescue plan
The UK’s biggest water firm said it had agreed with Ofwat to defer the case until further notice.
Thames Water has agreed with the regulator to delay an appeal over how much it can charge customers while refinancing talks take place.
A group of investors submitted a turnaround proposal for the troubled company earlier this month, which is being scrutinised by Ofwat. The UK's biggest water firm is among a number of utility companies that want to be allowed to charge more to cover improvement plans.
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