Thames Water - comment

Thames Water have been publishing their PR24 / AMP8 business plan. We have yet to read it. However, the shortfall figure of £2.5bn that the company said it needed to raise from its shareholders to make the plan work will not be forthcoming without rule changes concerning the maximum rate of return investors can expect from this investment. So the ball is back in the administration’s court, although we suspect it never left. This requirement will have been known to all parties before the publication of the plan.