Ministers are under pressure to crack down on the water regulator as they draw up plans to step in and stop the country's largest water firm from collapse Tory MPs believe Ofwat had failed to supervise water firms closely enough, HugoGye reports
The Government has been drawing up plans for an emergency rescue of Thames Water that would enable the company to continue supplying its 15 million customers in the south of England. One option is an effective public takeover that would see it temporarily nationalised, similar to the arrangements for energy firm Bulb when it failed in 2021.
Kemi Badenoch, the Business Secretary, suggested that the company would be kept whole rather than broken up and sold off in several parts. She told Sky News: “I’m very concerned. Obviously this is a commercially sensitive situation. We need to make sure that Thames Water as an entity survives. “At the moment, or certainly up until now, the regulator has been focused on keeping consumer bills down, but there’s a lot of infrastructure work that needs to take place and we need that entity to survive and continue going.”of the water industry despite concerns over the level of debt in the sector, which has been exacerbated by rising interest rates.
Water minister Rebecca Pow told MPs: “Ofwat continues to monitor the financial position of all the key water and waste water companies. Ofwat reports annually on the sector financial resilience and Ofwat’s latest annual monitoring financial resilience report shows that the water sector is financially resilient.”
Thames Water, which has a debt pile of £14bn, said it was working with shareholders to raise new finance after the resignation of its chief executive Sarah Bentley. The company said: “Ofwat is being kept fully informed on progress of the company’s turnaround and engagement with shareholders. Thames Water remains focused on delivering for its customers, the environment and stakeholders.”
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