Water firms to say bill cap plan is 'material risk'

Published On Aug 27, 2024, 9:49 PM

Thames Water has stated that it needs to raise water bills by nearly 60% over the next five years to address its substantial debt and improve infrastructure. The company's request is in response to regulator Ofwat's proposed 23% increase, which they deem insufficient. This situation has escalated amidst ongoing public anger over sewage discharges and leaks, as well as criticism that water companies have prioritized profits over necessary investments. The CEO argues that without the increase, future investment will be jeopardized, while the GMB union counters that the companies had the funds but failed to adequately invest in improvements.