Shareholders have approved plans for an additional £2 billion (€2.32 billion) of expenditure aimed at improving performance and outcomes for customers, leakage and river health and to accelerate delivery of Thames Water’s turnaround.
Thames Water hasapproved a £11.5 billion (€13.3 billion) business plan for the current regulatory period ending 31 March 2025, developed by its executive team.
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 CEO, 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.
"However, everyone at Thames is aware that we’re only at the start of our journey and there remains a huge amount to be done and delivered. We’re also aware that none of the programme can be delivered without significant capital investment. With this new, substantial equity investment programme our shareholders are both underpinning the investment vital for our improvement and also expressing their confidence in the long-term outlook for Thames Water. We warmly welcome their continued support.”
Thames Water plans additional £2 billion expenditure
