LONDON, March 28,
2024 /CNW/ -- The following statement has been
provided on behalf of all of the shareholders of Thames
Water:
"Shareholders and Thames Water have been working with the
regulator Ofwat for over a year on how to address the complex
challenges facing the business. These include both meeting current
funding demands and the urgent need for substantial investment to
improve performance.
"These discussions led to the submission of a business plan
which included the largest ever investment programme by any UK
water company – over £18 billion – to improve customer service and
environmental standards. To support such unprecedented investment,
shareholders committed to supporting a further £3.25 billion of
investment on top of the £500 million provided last year, and
pledged to take no cash out of the business until a turnaround was
delivered. This was a solution which addresses the root cause of
Thames Water's challenges without the need for any taxpayer
funding.
"However, after more than a year of negotiations with the
regulator, Ofwat has not been prepared to provide the necessary
regulatory support for a business plan which ultimately addresses
the issues that Thames Water faces. As a result, shareholders are
not in a position to provide further funding to Thames Water.
"Shareholders will work constructively with Thames Water, Ofwat
and Government on how to address the consequences of Ofwat's
decision."
For media enquiries: Greenbrook Advisory,
kemble@greenbrookadvisory.com, +44 207 952 2000
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SOURCE The Shareholders of Thames Water