Thames Water’s financial problems have finally come to a head, after Ofwat, the national water regulator, made the unprecedented decision yesterday to put the debt-laden company into special measures. Earlier this week the regional monopoly said it was going to run out of funds by June 2025 after it failed to secure fresh funding from existing shareholders.
Thames is the UK’s biggest water company, providing services for 16m people, and has faced scathing criticism over its handling of England’s sewage crisis and rising water bills. Thames customers are set to face a 22% increase in their bills over the next five years, a smaller rise than the 40% it had initially proposed.
For today’s newsletter, I spoke with the Guardian’s City editor, Anna Isaac, about the past, present and future of Thames Water. That’s after the headlines.