{"id":246101,"date":"2023-07-05T17:35:11","date_gmt":"2023-07-05T17:35:11","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=246101"},"modified":"2023-07-05T17:35:11","modified_gmt":"2023-07-05T17:35:11","slug":"thames-water-debt-to-drive-up-water-cost-in-2025","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/thames-water-debt-to-drive-up-water-cost-in-2025\/","title":{"rendered":"Thames Water Debt to Drive Up Water Cost in 2025"},"content":{"rendered":"<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bnreport.com\/en\/\"><strong>BNR<\/strong> <\/a>&#8211; <em><strong>Thames Water was said to be having trouble raising the funds required to cover its massive \u00a314 billion debt burden.<\/strong><\/em><\/p>\n<p style=\"text-align: justify;\">Water costs could increase in 2025 to pay for the expenses of enhancing suppliers&#8217; services, according to the head of the regulator Ofwat. The measure comes after the largest suppliers were heavily chastised for their past performance on water\u00a0contamination\u00a0and leak sealing.<\/p>\n<p style=\"text-align: justify;\">Many are also significantly in debt, with Thames Water presently facing a\u00a0government takeover. Ofwat Director David Black disputed the agency had failed to adequately oversee the sector.<\/p>\n<p style=\"text-align: justify;\">He did, however, concede that there were a few tough lessons to be learned. He also acknowledged\u00a0being angry\u00a0over the\u00a0high CEO salaries\u00a0in the water business.<\/p>\n<p style=\"text-align: justify;\">Despite the critiques, Black predicted that customer bills would grow as firms strived to make improvements. &#8220;We expect companies will request increases in bills at the next price review to fund large investment programmes.\u201d<\/p>\n<p style=\"text-align: justify;\">Former Environment Secretary George Eustice predicted on Wednesday that bills will climb by around \u00a342 in 2025.<\/p>\n<p style=\"text-align: justify;\">However, such forecasts evaporated\u00a0into thin air\u00a0after the Times revealed expected hikes of up to 40%. Eustice disputed the number, claiming it would be\u00a0&#8220;far lower.&#8221;<\/p>\n<p style=\"text-align: justify;\">Water UK stated that any increases would be up to the regulator.<\/p>\n<h4 style=\"text-align: justify;\"><strong>Debt of Thames Water<\/strong><\/h4>\n<p style=\"text-align: justify;\">Thames Water was said to be having trouble raising the funds required to cover its massive \u00a314 billion debt burden.<\/p>\n<p style=\"text-align: justify;\">The company has been heavily chastised for wastewater spills and leaks, and it faces severe\u00a0pressure to enhance its services.<\/p>\n<p style=\"text-align: justify;\">Thames might be placed in a &#8220;special administration regime&#8221; if it is unable to acquire the funds, according to Black. Thames has till the &#8220;early part of next year&#8221; to get\u00a0the money, he said.<\/p>\n<p style=\"text-align: justify;\">When asked if consumers would have to pay up the cost if funding was not available, he said, &#8220;No.&#8221;<\/p>\n<p style=\"text-align: justify;\">Ofwat says it continues to wait to see how Thames Water intends to address its finances, and that the firm will need to acquire\u00a0&#8220;substantial&#8221; funds. Talks are now underway to get the additional funds.<\/p>\n<p style=\"text-align: justify;\">The regulator has been accused of failing to adequately monitor the sector.<\/p>\n<p style=\"text-align: justify;\">However, Black stated that firms were accountable for their financial arrangements, not Ofwat, which was entrusted with consumer\u00a0protection.<\/p>\n<p style=\"text-align: justify;\">Last week, Thames Water <a href=\"https:\/\/www.bracknellnews.co.uk\/news\/23635049.thames-water-fined-3-3million-reckless-pollution-incident\/\">received a fine<\/a> of \u00a33.3 million for pouring undiluted wastewater into rivers near Gatwick Airport in 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BNR &#8211; Thames Water was said to be having trouble raising the funds required to cover its massive \u00a314 billion debt burden. Water costs could increase in 2025 to pay for the expenses of enhancing suppliers&#8217; services, according to the head of the regulator Ofwat. The measure comes after the largest suppliers were heavily chastised [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":246102,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2081],"tags":[1130,278,11918,11917,413,11919],"class_list":["post-246101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-2081","tag-debt","tag-featured","tag-ofwat","tag-thames-water","tag-uk","tag-uk-water"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Thames Water Debt to Drive Up Water Cost in 2025 - Business News Report<\/title>\n<meta name=\"description\" content=\"BNR - Thames Water was said to be having trouble raising the funds required to cover its massive \u00a314 billion debt burden.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/thames-water-debt-to-drive-up-water-cost-in-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Thames Water Debt to Drive Up Water Cost in 2025 - 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