Thames Water has requested yet another referral of Ofwat’s Final Determination on its AMP8 Business Plan to the Competition and Markets Authority (CMA) for a re-determination with no specified deadline – which the water sector’s economic regulator has agreed to.
Thames Water first announced on 14 February that it had asked Ofwat to refer its Final Determination to the CMA for a re-determination. On 18 March 2025 the company subsequently announced that it and Ofwat had agreed that Ofwat would defer making the reference for a period of up to 18 weeks from 18 March 2025. On 18 July 2025 Thames Water and Ofwat then announced that Ofwat would defer making the reference for a further period until 22 October 2025.
A statement issued by Thames Water to the London Stock Exchange this morning says that discussions between senior creditors, the London and Valley Water Consortium (L&VW), Ofwat, and other regulators in relation to a potential market-led solution to the recapitalisation of the company are continuing. The statement says:
“Thames Water and Ofwat have agreed a further deferral of the Reference, which will provide an opportunity for these discussions to continue in the coming weeks. Given this, no deadline has been set for the end of the deferral period.
“This deferral is not a withdrawal of the request for the Reference and Thames Water remains of the view that the Final Determination does not serve the interests of Thames Water's customers, communities and the environment.”
The utility says it remains focused on delivering a recapitalisation transaction which delivers for its customers and the environment “as soon as practicable.”
Commenting in response, an Ofwat spokesperson said:
"Thames Water has requested a further deferral of its 2024 Price Review final determination reference to the Competition and Markets Authority (CMA). Given the ongoing discussions with the company's creditors, Ofwat has agreed to this request and informed the CMA. Thames Water and Ofwat agree that at this point in the review process there is no benefit in setting a definitive expected end date for the deferral decision."
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