Water sector regulator Ofwat is currently considering a bailout proposal from a group of Thames Water’s existing investors, according to reports in a number of online and print news organisations this morning.
The BBC and other media organisations are reporting this morning that a group of the troubled water company’s investors are prepared to fund a £17 billion rescue deal for Thames Water – but only if Ofwat agrees to loosen performance targets.
The agreement would also see several billion pounds of debt being written off under the proposals, according to a report on the BBC Today programme on Radio 4 this morning,
The rescue deal has been drawn up by a consortium of US and UK investment firms who are existing investors in Thames, including Aberdeen, Elliot Management and Black Rock. Thames Water customer bills would not be increased beyonfd the pre-agreed levels for five years under the proposal submitted to Ofwat.
However, the consortium are seeking leniency from the regulator on performance targets and compliance.
Business news platform says City AM says the investors have put in a plea for a “clean slate” and are calling on Ofwat to write off “several billion” of debt and allow the provider a “regulatory reset”.
The BBC quotes Ofwat as saying they are assessing whether the bailout proposals are "realistic, deliverable and will bring substantial benefits to customers and the environment."
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