Thames Water shareholders want bills to go higher as they hold back £500m

Troubled utility Thames Water has said its shareholders will not be injecting the first £500 million of funding that was agreed last summer as regulatory arrangements make its business plan “uninvestible”.

Following crunch talks overnight, the company said in a statement on Thursday that it was still hoping to agree a business plan with regulator Ofwat that was “affordable for customers, deliverable and financeable for Thames Water, as well as investible for equity investors”. Chris Weston, Thames’ chief executive, admitted it was a ‘possibility’ the water company could go out of business but reassured customers that it had enough funds to continue its talks with Ofwat about its business plan.

The regulator Ofwat said there was no danger of customers taps being turned off. “Safeguards are in place to ensure that services to customers are protected regardless of issues faced by shareholders of Thames Water.Today’s update from Thames Water means the company must now pursue all options to seek further equity for the business to turn around the performance of the company for customers. Thames Water is a business with a regulatory capital value of £19bn, with £2.

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