It follows Ofwat's findings showing 24 per cent of people struggle to pay their water bills
It follows Ofwat's findings showing 24 per cent of people struggle to pay their water billshas proposed hiking bills for its customers by up to 56 per cent by 2030 in a new business plan aimed at filling its multi-billion pound black hole.That could increase to £696, representing a 59 per cent hike, if it is given extra spending allowances by regulator
The increase is also more than the firm’s previous planned hike of 44 per cent, which it submitted to the regulator in April. Talks have been held with both existing shareholders and outside investors to try and secure a major cash injection to keep the company from going into special administration. Its parent company, Kemble Water, defaulted on its debt payments in April.
Thames Water’s chief executive Chris Weston said: “We want to deliver a considerable increase in investment in our infrastructure, with total expenditure of £20.7bn in our core plan and a further £3bn through gated mechanisms.”
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