Thames Water Investigation: Final nail in the coffin for the failing company

EMBARGO: Immediate Release

Today, it was announced that Ofwat will investigate the largest water company in England and Wales, Thames Water (TW), after delays to essential schemes to protect and improve the local environment. 

In total, TW have failed to deliver 100 essential environmental schemes on time. Despite these delays, the regulator, Ofwat, has made no guarantee that TW will be found to have breached their obligations or levied with a fine.

This comes after Liberal Democrat MP Charlie Maynard, urged the High Court in a witness statement on behalf of TW’s customers to stop the company from taking on an extra £3 billion in debt - on top of their existing £17 billion debt pile. The judgement is expected next week.

Following the news that Thames Water is being investigated by Ofwat, after reports it has delayed 100 environmental improvement schemes, Liberal Democrat MP for Witney Charlie Maynard MP has said: 

“This is surely the last nail in the coffin for Thames Water. Customers across London and the South East deserve better. The government has a choice to do the right thing and put this failing company into special administration. 

“Ofwat and DEFRA need to stop hiding under their desks and take the key steps to getting Thames Water into a financial shape where it can invest in our sewage network, rather than just ramping customers’ bills so bankers and advisors can make even more money.

"The Liberal Democrats will continue to hold this government accountable until they get serious about solving our sewage crisis.”

ENDS

Notes to Editor:

Reports on Ofwat’s investigation can be found here.