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Thames Water (Baa3): Submits New Business Plan

UTILITIES

• The Times reports a new plan was submitted without shareholder support.

• The new plan proposes a 56% rise in bills, up from a 40% rise in the previous plan.

• Ofwat will almost certainly reject this.

• This is likely to be taken negatively by the market with the gap between Ofwat and Thames Water rising and hopes of a negotiated agreement fading.

• THAMES € spreads opened 12-18 wider, £ 0-3 wider.

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