Mega retention bonuses for executives, the risk of a hosepipe ban this summer, and a confession that the company came within five weeks of running out of money. Yes, it was more of the usual delights from Thames Water in front of the environment select committee on Tuesday.
But the most overused phrase in the session was “turnaround regime”. This is the murky – or pragmatic, depending on your point of view – notion that Thames can win further big compromises from regulators to get its financial restructuring over the line. In short: special treatment.
