LONDON, March 28, 2024 /PRNewswire/ — 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, [email protected], +44 207 952 2000
ข่าวที่เกี่ยวข้อง
- World’s First Long-Duration Energy Storage Integrated Industrial Park Commences Production Rollout: Shandong HiTHIUM Ushers in New Phase of Scalable Delivery
- RiboX Therapeutics Announces FDA IND Clearance for RXIM002, the first Circular RNA-Based in vivo CAR Therapy for Autoimmune Cytopenias
- Bybit Sues North Korea and Lazarus Group, Secures Preliminary Injunction Freezing Stolen Assets in Landmark Crypto Asset Recovery Effort
- A Cup of Fresh Durian Coffee: The New Shu Road Comes to Life
