LONDON, July 15 (Reuters) – Britain’s Thames Water said it had sufficient funding to survive until \u200cthe last quarter of 2026, and it \u200ccontinued to work with creditors, regulators and the government on \u200ba recapitalisation plan, the only option for it to avoid nationalisation. <\/p>\n
The company, which serves 16 million customers, has become a symbol of failure in Britain’s privatised \u200cwater sector, blamed \u2060for polluting rivers with sewage due to ageing infrastructure, and struggling with a \u00a320 billion \u2060debt pile. <\/p>\n
Andy Burnham, who will become Britain’s new Prime Minister within days, has said he believes public \u200bownership \u200bis the best option \u200bfor Thames Water, raising \u200cthe likelihood of nationalisation for the utility. <\/p>\n
The government was already looking at taking Thames Water into its Special Administration Regime, a form of temporary public ownership. <\/p>\n
Publishing results on Wednesday, Thames Water said its performance \u200cwas improving. Sewage pollution fell \u200b18% in the 12 months \u200bto the end \u200bof March, and its underlying profit \u200cafter tax came in at \u00a3204 \u200bmillion, up \u200bfrom \u00a313 million last year. <\/p>\n
“While operationally the business is improving, we are also working with our creditors, \u200bregulators and \u200cgovernment to complete our recapitalisation,” CEO Chris \u200bWeston said in a statement. <\/p>\n
(Reporting by Sarah Young; \u200bEditing by Muvija M) <\/p>\n","protected":false},"excerpt":{"rendered":"LONDON, July 15 (Reuters) – Britain’s Thames Water said it had sufficient funding to survive until \u200cthe last…\n","protected":false},"author":2,"featured_media":1090223,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[3,4],"tags":[8916,748,393,4884,1144,244335,712,28889,16,15,1764],"class_list":["post-1090222","post","type-post","status-publish","format-standard","has-post-thumbnail","category-uk","category-united-kingdom","tag-andy-burnham","tag-britain","tag-england","tag-great-britain","tag-northern-ireland","tag-recapitalisation","tag-scotland","tag-thames-water","tag-uk","tag-united-kingdom","tag-wales"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/116922676096324361","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1090222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=1090222"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1090222\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/1090223"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=1090222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=1090222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=1090222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}