The board and shareholders of Thames Water have approved a new £11.5bn business plan for the current regulatory period ending 31st March 2025.
The revised business plan represents a £1.9bn increase in expenditure, compared to the £9.6bn that had previously been agreed for the period.
An initial £500m of new equity will be subscribed by shareholders. The executive team is working with shareholders on plans to provide a further £1.0bn of equity funding.
Chief executive Sarah Bentley said: "Since joining in September 2020 I have engaged in understanding the challenges that led to Thames Water's long-term underperformance. In March last year, I launched our turnaround plan, to tackle the issues directly, transform performance and build a better Thames Water for all of our stakeholders. I brought on board an almost entirely new executive team and moved the business closer to customers by establishing separate operational teams in London and the Thames Valley. One year into the turnaround, we have made good progress in fixing the basics and tackling the structural challenges in our business as well as laying the foundations for our long-term recovery.
“However, everyone at Thames is aware that we're only at the start of our journey and there remains a huge amount to be done and delivered. We're also aware that none of the programme can be delivered without significant capital investment. With this new, substantial equity investment programme our shareholders are both underpinning the investment vital for our improvement and also expressing their confidence in the long-term outlook for Thames Water. We warmly welcome their continued support."
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