Thames Water is seeking to raise an additional £1-billion in equity to help upgrade its infrastructure and cope with the rising cost of its £14-billion debt pile
Investors in ailing Thames Water are reluctant to put in more cash, but Britain’s largest water supplier is still “a long way” from needing emergency intervention, regulator Ofwat said on Wednesday.
Concerns over its survival have sparked questions about how Britain’s privatized water companies have been able to rack up debt and pay dividends and executive bonuses while failing to invest in infrastructure to the extent that raw sewage regularly has to be released into rivers and the sea. “The company is talking to investors about securing new equity,” he said. When asked whether investors were reluctant, he added: “yes.”
Thames Water counts Ontario Municipal Employees Retirement System, the UK’s Universities Superannuation Scheme and China Investment Corp as shareholders. The USS has said it supports the company’s turnaround plan.
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