The utility, which supplies water to 16 million people, was due to run out of cash in May next year.
Thames Water has secured a £3bn injection to avoid running out of cash. The UK's biggest water supplier, which serves 16 million customers, had said its money supply would run dry at the end of May next year. But the cash injection secures its financial future for at least the next year, or possibly until the end of May 2026. The deal reached with creditors, however, is subject to court approval as it involves a restructuring of debt. An interest rate of 9.
At that point, the company could apply to the competition regulator the Competition and Markets Authority . The CMA deals with appeals against Ofwat's water company spending and bill-raising determinations. Thames Water is seeking bill rises of 53% by 2030 meaning an annual bill would rise to £667 a year. The company has been on the brink of effective nationalisation after it defaulted on some of its £15bn debt.
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