Thames Water boss says bills need to rise by 40%

Thames Water is in a race to find extra cash after its investors said they would not give the struggling water giant extra cash unless bills rise. The company has been pushing for the regulator Ofwat to let it put up bills by 40% by 2030 to pay for improvements to the water and sewage systems. The regulator, whose approval is needed for any price rises, has so far pushed back on substantial bill increases. Thames Water operating company will not need to be nationalised immediately as it is still generating enough money to keep it going day-to-day for up to 18 months.

But at some point Thames will need to raise new money to finance the huge programme of investment that is needed. Current shareholders include domestic and foreign pension funds as well as wealth funds from China and Abu Dhabi. We also need to see companies deliver the performance that customers expect and that they are run in a way that meets customers’ expectations," it added. 34;“We also must see companies.

deliver theperformance that customers. expect,” it said.