Thames Water Seeks 59% Bill Hike, £228 Increase Amid £18 Billion Debt

Aug 28, 2024, 08:05 AM

Thames Water is seeking to raise water bills by 59%, amounting to an increase of £228 per year for customers, as it aims to address its financial instability and a debt of £18 billion. The company claims that without this hike, it cannot attract the necessary equity to remain operational. This comes amid concerns over the water industry's environmental impact, with reports of over 2,300 sewage spills at numerous UK beaches. The water regulator Ofwat has approved some bill increases but plans to cap further hikes, a move that water companies warn could deter investment needed to prevent sewage pollution. Ofwat's decision follows findings that 24% of customers struggle to afford current water bills. Additionally, Ofwat is considering letting Thames Water off a £104m fine due to its heavy debt. The situation has sparked calls for reform, including suggestions to nationalize the water industry.