The UK’s biggest water provider has delayed its request for even higher customer bills.
Thames Water has deferred its appeal to the Competition and Markets Authority (CMA), the regulator tasked with deciding if the company can raise bills by even more than initially allowed.
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In December, water regulator Ofwat determined that Thames Water bills could rise 35% to about £588 annually per household by 2030.
This was challenged by the firm serving 16 million people as being insufficient. It wanted a 53% rise.
The deferment comes as Thames Water said it received six offers of new investment and announced it would finalise a bidder by June and close the fundraising process by September.
This postponement will last 18 weeks and has been approved by Ofwat.
Additional investment could result in a “market-led” solution to refinancing the company, Thames Water said.
It means its financial woes could be improved by investors rather than billpayers being charged more.
Read more:
Water bills to rise – Full list of what they cost now and how much they’re going up
The business was going to run out of money by 24 March, it said, but a £3bn loan from existing creditors was again given the green light on Monday.
Thames Water is struggling under a now £19bn debt pile.
It had been described as “uninvestable” by some shareholders when it failed to secure reduced fines for pollution incidents from Ofwat.
Five other water companies have challenged the amount they have been permitted to hike bills by.
Anglian Water, Northumbrian Water, South East Water, Southern Water and Wessex Water all want customers to pay more.
Content Source: news.sky.com