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LONDON, March 28, 2024 /PRNewswire/ — The following was provided on behalf of all Thames Water shareholders:
“Shareholders and Thames Water have been negotiating with regulator Ofwat for more than a year on how to deal with the complex and demanding situations facing the business. These come with the combination of existing investment demands and the pressing need for truly broad investment to achieve results.
“These discussions led to the presentation of a business plan that included the largest investment programme ever undertaken through a UK water utility (over £18 billion) for visitor services and environmental standards. To support an unprecedented investment, shareholders have pledged to support an additional £18 billion investment. €3. 25 billion in investments on most of the £500 million provided last year and a commitment not to withdraw money from the company until the recovery is complete. This is a solution that addresses the root cause of Thames Water’s demanding situations without the need for funding for any taxpayer.
“However, after more than a year of negotiations with the regulator, Ofwat has not been prepared to provide the mandatory regulations for a business plan that can ultimately address the issues facing Thames Water. As a result, shareholders are unable to provide additional financing to Thames Water.
“Shareholders will work constructively with Thames Water, Ofwat and on how to address the consequences of Ofwat’s decision. “
For Media Inquiries: Greenbrook Advisory, kemble@greenbrookadvisory. com, 44-207-952-2000
View content: https://www. prnewswire. com/news-releases/statement-from-the-shareholders-of-thames-water-302102427. html
SOURCE Thames Water Shareholders
View content: http://www. newswire. ca/en/releases/archive/March2024/28/c2433. html