Serving 16 million customers in the south of England, Thames Water has presented new business plans to regulator Ofwat that include a £1.9 billion network investment and a £1.1 billion increase in spending.
However, if the additional expenditure is approved, consumers would end up paying 44% more by 2030, or £627 annually.
An additional £1.1 billion has been provided to fund “projects benefiting the environment” in addition to the £18.7 billion that had previously been suggested, according to Thames Water.
Thames Water’s £15 billion in debt has forced it to reevaluate its business strategy.
Due to investor resistance, the business’s parent firm is in default on a portion of its debt. Originally, an agreement to invest £500 million had been made.
