Thames Water is facing a critical six-week window to negotiate a viable survival plan with Ofwat, as reported by the Guardian.
The UK’s largest water supplier is tasked with formulating a new turnaround strategy and business plan ahead of the water regulator’s final board meeting on 23rd May.
This meeting will determine the permissible consumer charges for water companies.
Thames Water, which serves 16 million customers across London and the Thames Valley, finds itself in a state of crisis following the withdrawal of a pledged £500 million investment by shareholders.
Thames’s parent company, Kemble Water Finance, has reportedly acknowledged its inability to repay a £190 million loan by the end of April.
Energy Live News has contacted Thames Water and Ofwat for comment.
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