Thames Water has revealed a 40% spike in sewage spills while warning that a looming decision on what it can charge customers is “fundamental to our future”.
The UK’s biggest supplier, which has been battling to avert the prospect of a special administration amid a massive debt pile, has consistently argued that the regulator’s ruling on its request for an inflation-busting rise to charges could make it uninvestable.
Thames, and the wider industry, is due to learn next week what Ofwat will allow bills to rise by over the next five years.
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Thames is seeking hikes of 59% over the period, setting it on collision course with the regulator, as it says the determination will either help it unlock crucial new investment in the business or force it towards a taxpayer rescue.
Thames, which said it had improved on many of its performance targets over the first six months of the year, blamed record rainfall for the big rise in storm overflow incidents.
It revealed a 7% rise in its debt pile to £15.8bn.
This breaking news story is being updated and more details will be published shortly.
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