The Financial Times is reporting this morning that Ofwat is ready to waive Thames Water fines to 2030 in a deal with the company’s creditors.
According to the FT, the water sector regulator is “planning to accept “undertakings” in lieu of financial penalties until 2030, according to people familiar with discussions.”
Just under three weeks ago Thames Water CEO Chris Weston issued a detailed announcement via the London Stock Exchange in response to press speculation about the terms of the London & Valley Water (L&VW) consortium's proposal for the turnaround, transformation and recapitalisation of Thames Water.
Weston began by saying that since June 2025, Thames Water, L&VW, Ofwat and other regulators have been engaged in constructive discussions regarding the proposed turnaround, transformation and recapitalisation of Thames Water.
Referring to Ofwat’s outcome delivery incentives regime, the announcement said that under the proposal Thames Water "would not be subject to the outcome delivery incentives regime during AMP8, but would have an ambitious set of minimum expectations and performance targets."
The L&VW Proposal would see Thames Water obtaining £3.35 billion of new equity and up to £6.55 billion of new debt ( made up of £3.25 billion of day-1 debt and up to £3.30 billion of committed undrawn debt, providing the capital) required to deliver a proposed ambitious Performance Improvement and Turnaround Plan (PITP) for the entirety of AMP8 (2025-2030).
According to Chris Weston’s statement issued on 16 March, the PITP and the new capital investment would enable Thames Water to deliver £20.4 billion of totex in AMP8, subject to a reset of Price Control Deliverables and agreed gating and delivery mechanisms
ABB has launched AquaMaster+™, a digital platform for smart water network management, designed to help water utilities monitor, analyze and manage their water networks, preventing pipeline water losses and optimizing operations.
Craig Nienaber, Business Development Manager for Safe Access Solutions (SAS) at HUBER Technology, explores why the company is seeing a growing level of interest in its safe access solutions for critical infrastructure providers, including their application in wastewater treatment assets.
Albion Water, the first NAV (New Appointment & Variation) to have been established in1999 and now under the ownership of SDS Water Group, has appointed Andy Holland as its new Director of Business Development.
UK water companies are invited to join an upcoming webinar which will explore how the sector can take indirect potable reuse (IPR) from concept to full-scale operational reality.
Southern Water has released film and images showing what it’s like to walk inside Hampshire’s expanded Yew Hill underground reservoir for the very last time, before it gets filled with water.
Hear how Scottish Water has completed its £235 million Ayrshire Glasgow Resilience Project - customers across Greater Glasgow, Ayrshire and East Renfrewshire will now benefit from a more secure and resilient water supply.
Hear how United Utilities is accelerating its investment to reduce spills from storm overflows across the Northwest.