{"id":129098,"date":"2023-06-29T10:49:11","date_gmt":"2023-06-29T09:49:11","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=129098"},"modified":"2023-06-29T10:49:11","modified_gmt":"2023-06-29T09:49:11","slug":"thames-water-has-significant-issues-to-address-warns-ofwat","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/thames-water-has-significant-issues-to-address-warns-ofwat\/129098\/","title":{"rendered":"Thames Water has ‘significant issues’ to address, warns Ofwat"},"content":{"rendered":"

Thames Water is in talks to secure additional funding after the company reported \u00a314bn debt<\/h2>\n

News broke of Thames Water’s<\/a> crippling debt just one day after chief executive Sarah Bentley stepped down from her position with immediate effect.<\/p>\n

12 months ago, shareholders promised a \u00a3500m equity injection to Thames Water, and pledged a further \u00a31bn subject to conditions.<\/p>\n

\u00a3500m was received in March, but the additional \u00a31bn has never been paid.<\/p>\n

On Wednesday, the government said it was ready to act in a ‘worst case scenario’ if Thames Water does collapse.<\/p>\n

In a recent statement, Ofwat<\/a> said:\u00a0\u201cOver the last day or so, there has been a lot of commentary about financial resilience in the water sector with considerable focus on Thames Water in particular.<\/p>\n

\u201cWe have been clear that Thames Water has significant issues to address \u2013 their environmental record and leakage performance, for example, are poor. Alongside the turnaround of their operational performance, they need to improve their financial resilience too.<\/p>\n

\u201cBut that is all in the context of a company that has strong liquidity \u2013 it recently received an additional \u00a3500m from shareholders and has \u00a34.4bn of cash and committed funding.<\/p>\n

\u201cOverall, the sector is continuing to attract international capital and is especially attractive to long term investors such as pension funds. Indeed, there has been an additional equity injection of around \u00a32bn since 2020, with companies acting to strengthen their financial position.”<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Thames Water is in talks to secure additional funding after the company reported \u00a314bn debt.<\/p>\n","protected":false},"author":21,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[908,283,802],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-129098","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-economy","8":"tag-finance","9":"tag-water-management"},"acf":[],"yoast_head":"\nThames Water has 'significant issues' to address, warns Ofwat<\/title>\n<meta name=\"description\" content=\"Thames Water is in talks to secure funding after the company reported \u00a314bn debt, and failed to secure equity 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