Ofwat permits Thames Water’s £600m resilience invest: Ofwat has reported its tentative support for Thames Water’s £600 million of additional investment for enhancements in the resilience of water supplies for its customers.
The money, 50% of which will be financed personally by shareholders, will be spent to expedite work to diminish leaks and bursts as well as improve hundreds of kilometres of water mains.
In its most current price review, the regulator had decided Thames Water could invest extra money to deal with these issues, more than £10 billion of approved finance, to upgrade services if its shareholders additionally made a major financial investment & the firm established “robust plans” to fulfil the improvements.
Ofwat examined the plans over many stages, the 1st of which has presently been passed.
They will be bound by a further 3 stages of scrutiny, along with customer protections also established to guarantee the money is spent efficiently and the commitments are carried out.
Ofwat Interim Chief Executive David Black stated: “Leakages & bursts have a real impact on communities & improvements for customers are long overdue. Almost 2 years ago, we told Thames Water we would support additional investment to improve services if they submitted robust plans & their shareholders co-funded the investment package.
“We are pleased to be making progress towards this extra investment & will continue to make sure that customers’ interests are protected & promoted.”
Ofwat permits Thames Water’s £600m resilience invest