Thames Water CEO seeks clarity from incoming prime minister on funding plans

The chief executive of Thames Water said the company has enough funding until October and is seeking further support from creditors to extend that runway into 2027. Chris Weston told the Press Association the utility needs clarity from the incoming prime minister on plans for the sector.

He said the company has had no conversations with the prime minister-in-waiting and that earlier clarity would be better.

Funding and performance The company reported a cash outflow of £1.1 billion before new debt for the year to March 31. Customer bills did not cover required investment costs even after an April tariff increase. Thames Water met 55 percent of its regulated targets in the year to March 31, up from 38 percent the prior year.

Customer complaints about billing doubled year on year, and overall complaints rose 77 percent. The company posted a pre-tax profit of £226.4 million compared with a £1.65 billion loss the previous year. Its debts increased to £19.77 billion from £17.73 billion.

Pay and regulatory context Weston’s pay package rose to £1.06 million from £1.04 million after he received a £99,000 deferred retention payment awarded before a May ban on performance-related pay for senior executives. Creditors have been asked to revise a £10 billion rescue plan after the environment secretary said it did not go far enough to protect customers or the environment.

The company said bills alone cannot fund required investment and that debt funding, creditor support, and recapitalisation remain necessary.