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UTILITIES: Thames Water (THAMES Baa3[N]): Threats to Public Safety

UTILITIES

Article adding some details to the dire situation. Ofwat needs to find a way to finance this without massive bill increases and much of that burden will have to fall on bondholders. Bonds have been under pressure in recent sessions with Ofwat’s draft determination looming on 11th July

  • The FT reports details of parts of Thames Water’s business plan submission to Ofwat.
  • Around £19bn of assets are poor or failing. The company flags risks including flooded basements in London, parasites and sewage spills posing risk to public safety and the environment.
  • In its PR24 submission Thames proposed £19bn in investments, doubling capex for the next 5-year cycle. 
  • The article also cites proposed 59% bill increases, this was 44% in the PR24 and its unclear how that’s changed.
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