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The Latest Breaking News from Thames

Credit agencies slash their ratings on Thames Water debt

The move drags £16 billion of Thames Water debt even deeper into junk territory

Evening Standard · Sep 26, 2024

Thames Water warns its cash may run out as soon as December

Creditors may ease repayment terms to safeguard their current loans as troubled utility fights for survival

The Guardian - UK · Sep 20, 2024

Thames Water trying to stay afloat by rewriting loan deals, says source

Firm in £15bn debt books November high court dates in effort to extend ‘liquidity runway’

The Guardian - UK · Sep 19, 2024

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Safety concern as Greenway cycle route in east London is closed for 18 months

Campaigners say Thames Water should have given time for diversion route to be made car-free

Evening Standard · Sep 16, 2024

Elliott, unlike Thames Water’s board, sees the inevitability of debt writedowns

Hedge fund’s reported purchase of £1bn of bonds at a big discount suggests growing realism about company’s future

The Guardian - UK · Sep 9, 2024

Thames Water lobbied Whitehall to press Ofwat on allowing higher bills

Exclusive: Debt-ridden company also warned officials of ‘chilling effect’ of any renationalisation

The Guardian - UK · Aug 30, 2024

Thames Water’s ‘difficult choices’ must include pain for bondholders

Customers know bills have to rise, but shareholders should also pay, as they would at a conventional company that overextended itself

The Guardian - UK · Aug 28, 2024

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Thames Water says without steep bill increase it’s ‘neither financeable nor investible’

Debt-laden company tells Ofwat if it cannot charge customers 59% more, it ‘would prevent company turnaround and recovery’

The Guardian - UK · Aug 28, 2024

Thames Water proposes huge new bills hike

The average bill over the five-year period from 2025 to 2030 would be £638 under the proposal

The Independent UK · Aug 28, 2024

Canadian export agency ‘nursing losses’ after lending $1bn to Thames Water

State-backed body EDC has reportedly sold at deep discount five loans made to debt-ridden UK utility

The Guardian - UK · Aug 20, 2024

Thames Water barred from billing customers for pension shortfall

Company faces scramble for funds after Ofwat says deficit is for managers and shareholders alone to deal with

The Guardian - UK · Aug 19, 2024

Mapped: Sewage in English rivers as water companies face £168m in combined fines

Campaigners have welcomed the proposed fines but warned the penalties highlight the ‘sheer state of disrepair’ of the water and sewage industry

The Independent UK · Aug 6, 2024

Thames Water breaches licence as part of its debt downgraded to junk

Move by ratings company Moody’s puts Thames in breach its operating licence but Ofwat likely to hold off on large fine

The Guardian - UK · Jul 24, 2024

Thames Water hit with £39m of penalties after missing regulatory targets

Performance report shows debt-laden company missed 21 targets in areas from pollution to supply interruption

The Guardian - UK · Jul 12, 2024

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The Guardian - UK · Jul 12, 2024

Friday briefing: What the crisis at Thames Water means for customers

In today’s newsletter: The UK’s biggest water company has faced fierce criticism after presiding over rising water bills and a sewage crisis – and now customers are facing a 22% increase in bills

The Guardian - UK · Jul 11, 2024

Ofwat accused of showing ‘contempt’ to customers over water bill price rises

Politicians and campaigners condemn charging proposals, as regulator puts Thames Water into special measures

The Guardian - UK · Jul 11, 2024

Thames Water placed in special measures due to ‘significant issues’

Ofwat says UK’s biggest water company will come under extra scrutiny as it faces prospect of restructuring or temporary renationalisation

The Guardian - UK · Jul 11, 2024

Rise of £94 in water bills over five years is ‘bitter pill’, says chancellor

Customers in England and Wales to pay an extra £19 each year on average as firms raise money to tackle sewage and leaky pipes

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Evening Standard · Jul 11, 2024

Thames Water bills to shoot up by almost £100 over the next five years

The company has warned that it could run out of money by next May if it is not allowed to put up bills by 59%

The Guardian - UK · Jul 10, 2024

Thames Water fails to complete 108 upgrades to ageing sewage works

Exclusive: Fears customers will end up paying twice for work needed in order to comply with legal pollution limits

The Guardian - UK · Jul 10, 2024

Cheap sales, debt and foreign takeovers: how privatisation changed the water industry

Familiar concerns over bosses’ pay, prices and borrowing emerged in the utilities’ early years in private hands, with UK dubbed the ‘dirty man of Europe’

Evening Standard · Jul 9, 2024

Thames Water blames climate change after sewage discharge into rivers doubles

Firm under fire as it admits huge increase in pollution as it pushes for 59 per cent bill hike and pays out £195million to shareholders

The Guardian - UK · Jul 9, 2024

Rise in sewage pollution from Thames Water’s ageing treatment works

Incidents from sites and pipe network increased by 19 last year to 350 amid delays in investment, company says

The Independent UK · Jul 9, 2024

Thames Water pays out £158m to shareholders despite £15bn debt and sewage leak failings

Thames Water says it has cash to last until May 2025 and if it fails to find investment, Sir Keir Starmer will face a decision on measures that would effectively see it nationalised

The Guardian - UK · Jul 9, 2024

Thames Water to tap investors for funds as it will run out of cash by next June

Company is laden with £15.2bn of debt, up £1.3bn on the previous year, most of which could be added to the public purse

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