Thames Water says it has enough funding to survive until end of year
Summary
Thames Water, the largest water company in the UK serving 16 million customers, says it has enough money to operate until the end of the year while it works on a plan to raise more funds. The company faces high debt and criticism for pollution but reports improved profits and some progress on reducing pollution and meeting performance goals.Key Facts
- Thames Water serves 16 million people in London and southern England.
- The company’s net debt increased to £18.5 billion as of March 31, up from £16.8 billion the previous year.
- Thames Water reported a profit after tax of £204 million, much higher than £13 million the year before.
- Pollution from sewage leaks dropped by 18% in the year to March 31.
- Thames Water met 55% of the regulatory performance targets, an improvement from 38% the year before.
- The UK government plans legally binding debt limits for water companies in England.
- The environment secretary opposed a £10 billion rescue plan for Thames Water, citing consumer cost concerns.
- The company could face nationalisation or “special administration” as a temporary state takeover.
- Thames Water’s CEO says the company is upgrading its infrastructure, aiming for long-term improvements in service and the environment.
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