Thames Water has submitted its revised AMP8 Business Plan to Ofwat which could see its investment rise by up to £3 billion to £21.7 billion between 2025 to 2030 – the water company’s original plan in October 2023 set out a proposed total expenditure of £18.7 billion.
The initial proposed level of investment was more than double the level of investment being made in the current AMP7 2020-25 regulatory period.
The water company said that since its submission last October, it has discussed the content of its PR24 business plan extensively with its regulators and key stakeholders.
As a result of this engagement, Thames Water has announced this morning that it has now submitted an update to its PR24 business plan showing a £1.1 billion increase in AMP8 total expenditure to £19.8 billion which will be directed to projects benefiting the environment.
However, it added that as well as allowing it to deliver more environmental projects, “a rebalancing of operating and capital expenditures means there is no resulting increase in projected customer bills, which are estimated on average to be £608 by 2030.”
In addition, Thames said it will continue to look for opportunities to deliver more investment in AMP8 and has proposed that a further £1.9 billion of potential investment is placed into a "Deliverability Assessment Mechanism". If was to invest the full £1.9 billion in AMP8, then annual average customer bills would increase further by £19 over that period.
Commenting on the revised plan, Chris Weston, CEO of Thames Water, said:
"Our business plan focuses on our customers' priorities. As part of the usual ongoing discussions relating to PR24, we've now updated it to deliver more projects that will benefit the environment. We will continue to discuss this with our regulators and stakeholders."
CCW warns only 16% of Thames' customers thought initial proposed AMP8 bill rises in its five-year plan
Commenting in response, Mike Keil, Chief Executive of the Consumer Council for Water (CCW), warned:
“On the surface the proposal for more investment from Thames Water is a positive step for its customers that have endured some of the worst customer service in the sector. We should not lose sight of the fact that only 16% of its customers thought the company’s proposed bill rises in its five-year plan were affordable. This announcement appears to offer nothing to ease the fears of those already struggling to pay.”
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