Thames Water appeals against cap on water bill rises
14/02/2025
They want the money “to fund the improvements our customers and the environment so rightly want and deserve”
Thames Water has appealed to the Competition and Markets Authority over the amount by which Ofwat has allowed the company to increase our water bills.
Ofwat capped bill rises at 35 percent over the next five years, but Thames Water argued that rises of 53 percent were needed over this period.
Thames Water’s board says Ofwat’s final determination does not appropriately support the investment and improvement that is required for Thames Water to deliver for its customers, communities and the environment.
The Chairman of Thames Water, Sir Adrian Montague said: “We have taken the decision to refer our Final Determination to the Competition and Markets Authority in the interests of our customers and the environment. We are focused on putting the business on a long-term stable footing so we can succeed in our turnaround, and build and maintain an infrastructure that supports growth and can withstand the effects of climate change.
“We put forward a realistic business plan for 2025-2030 that addressed our customers’ and stakeholders’ priorities such as providing safe and resilient water supplies and improving performance. After careful consideration, our analysis shows that our Final Determination for the next regulatory period will continue to impact our ability to fund the improvements our customers and the environment so rightly want and deserve.”
Thames Water currently faces severe financial difficulties and is waiting for the courts to approve a £3bn rescue from investors.
The company says customer bills for 2025-26 will be unaffected.
Published: by the Banbury FM News Team
