Ofwat has gone out to tender with a contract for an Independent Monitor (IM) to provide independent monitoring, analysis and reporting in relation to Thames Water's turnaround programme, financial resilience and compliance with an estimated value of £15.6 million including VAT.
The costs of the independent monitor will be met by the company, and will not impact on customer bills.
The IM will support Ofwat's Turnaround Oversight Regime by monitoring and assessing Thames Water's progress in delivering its turnaround plan and complying with regulatory commitments. The IM will provide independent oversight of governance, operational performance, financial resilience, transformation activities and delivery confidence, and identify and report material risks, issues and emerging concerns to Ofwat. The IM will also monitor compliance with undertakings accepted by Ofwat following a breach of licence condition P26.
The IM will undertake monitoring and reporting services across a broad range of functions, including operational performance, financial resilience, governance, transformation programmes, regulatory submissions, capital delivery and asset management. The IM will report regularly to Ofwat and provide independent evidence and analysis to support regulatory oversight and decision-making.
Ofwat said the role is expected to operate in a dynamic and evolving environment. The nature, scope and intensity of the IM's activities may increase or decrease during the contract term to reflect Thames Water's progress, risk profile, recapitalisation activities, regulatory developments and wider turnaround programme. The contract has been designed to support a scalable and proportionate monitoring approach.
The IM will be appointed by Ofwat, will act independently of Thames Water, and will provide recommendations and advice to Ofwat only.
Current estimated start and end contract dates are 5 November 2026 to 31 July 2030 with a further possible extension option to 31 July 2031.
Deadline for submission of enquiries about the tender is 12:00pm on 24 August 2026 and tender submission deadline is 9:00am on 7 September 2026. Estimated contract award decision date is 21 October 2026.
Commenting on potential risks to contract performance.Ofwat is pointing out that the satisfactory performance of the contract may be affected by factors outside Ofwat's direct control, including changes to Thames Water's financial position, recapitalisation activities, corporate restructuring, regulatory interventions, and enforcement actions, or changes to the company's turnaround programme.
Full tender documentas are available through the myTenders eProcurement portal.
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