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Thames Water in UK approves £2bn expenditure

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Shareholders have approved Thames Water’s plan for an additional £2 billion (€2.35 billion) of expenditure aimed at improving performance, solving leakage issues and improve river health.
The UK’s largest provider of essential water and wastewater services, serving almost 25% of the UK’s population, Thames Water launched its turnaround plan in March 2021.
That plan is designed to significantly improve Thames Water’s operational performance, deliver on its regulatory obligations, increase resilience and deliver better outcomes for its customers, communities and the environment.
Sarah Bentley, Thames Water’s Chief Executive said: “Since joining in September 2020 I have engaged in understanding the challenges that led to Thames Water's long-term underperformance. In March last year, I launched our turnaround plan, to tackle the issues directly, transform performance and build a better Thames Water for all of our stakeholders.
“I brought on board an almost entirely new Executive team and moved the business closer to customers by establishing separate operational teams in London and the Thames Valley. One year into the turnaround, we have made good progress in fixing the basics and tackling the structural challenges in our business as well as laying the foundations for our long-term recovery.”
Ian Marchant, Thames Water’s independent chairman, added: “Our shareholders have consistently supported Thames Water by approving substantial investment in the business over and above regulatory allowances, whilst taking no dividends out of it. This additional investment in our networks and assets is being underpinned by one of the largest commitments of new equity in the UK water sector, underscoring shareholders’ commitment to our customers, communities and the environment. We are extremely fortunate to have such supportive shareholders and their unwavering commitment to delivering Thames’ turnaround and life’s essential service.”
Perry Noble, chairman of Kemble Holdings, said: “Over the last 18 months we have seen a step change in Thames Water’s approach and unanimously support the turnaround plan developed by the new Executive team. Thames Water’s services are essential and the updated business plan includes additional investment in its networks and assets, which we believe is critical to delivering the performance improvements we all want to see for the benefit of customers, the environment and communities.”