Thames Water Utilities Ltd has announced that the Fourth Consent Requests it launched on 5 September have been overwhelming approved by its creditors, with a deemed approval rate of over 99%.
The water company is now in a position to proceed with the initial payment of 20% of £24.5 million of Ofwat penalties totalling £122.7 million.
In May 2025 Ofwat imposed two penalties on the company, one of £104.5 million from the investigation into its wastewater business, and one of £18.2 million from the investigation into dividend payments the company had made.
While the penalties were originally due to be paid by 20 August 2025, following an application from the company Ofwat and Thames Water announced on 27 August 2025 the agreement of a Payment Plan for a series of scheduled payments. The payment plan required the payment of £24.5 million of the two total penalties to be paid no later than 30 September 2025.
However, prior to making the first payment scheduled under the Payment Plan, Thames Water and its subsidiary, Thames Water Super Senior Issuer PLC had sought the consent of the company's super senior creditors to designate the Payment Plan as an approved payment plan. Given the approvals, Thames Water can now proceed with the implementation of the consents outlined in the Fourth Consent Requests.
The Fourth Consent Requests had a voting date of 19 September 2025 and followed three previous sets of consent requests which were approved by creditors in April, May and July 2025.
The payment of the remaining 80% of the penalties imposed by Ofwat is due to take place on the earliest of three possible events:
- 30 calendar days after the implementation of a restructuring of the company’s finances such that there is improved cash liquidity in the business;
- If the company enters the Special Administration Regime (SAR) under the Water Industry Act 1991, 30 calendar days after it exits SAR; or
- A backstop date of 31 March 2030.
Thames Water announced on 15 August it had drawn down the remaining available sum of the first £1.5 billion tranche of emergency funding under the restructuring plan proposed by the company in connection with regard to implementing the liquidity extension transaction sanctioned by the High Court on 18 February 2025.
Thames Water continues to reiterate that it is working closely with stakeholders to secure a market led solution.
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