Thames Water hikes infrastructure spending by 20%

Thames Water hikes infrastructure spending by 20%

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."

 

Read more here

 

To view latest Water & Utitlities vacancies please visit

Please rate

Comments 

Name
Email
  Ctrl + Enter

Most Read

Suffolk names contractors for £500m construction framework

Suffolk names contractors for £500m construction framework

The new iteration of the framework is valued at £500m and has three separate construction lots and two building services lots.   The aim of the framework is to ensure Suffolk County Council and other public sector organisations in the East of England have a legitimate shortcut for

Yorkshire Water alerts firms to £3bn AMP8 contracts

Yorkshire Water alerts firms to £3bn AMP8 contracts

The organisation is looking to procure an alliance to deliver its stormwater programme, which is expected to be £1.3bn of investment over the next 10 years to reduce sewage overflows into watercourses.   Alongside this, Yorkshire Water is looking to procure two non-infrastructure

MoD names seven for £5bn construction alliance

MoD names seven for £5bn construction alliance

A strategic alliance contract has been signed by the Defence Infrastructure Organisation (DIO) and seven contractors for the design & build elements of a delivery, commercial & procurement strategy process within the Defence Estate Optimisation (DEO) portfolio.   Contractors were

This website uses cookies to enhance your user experience. By continuing to use this site, you consent to our use of these cookies. See our Cookie Policy.