Thames Water has appealed to the Competition and Markets Authority challenging Ofwat's decision to cap bill increases at 35%. The company is requesting a 53% increase to finance essential improvements by 2030, arguing that the Final Determination hinders its ability to provide affordable water services and necessary enhancements. Thames Water highlights significant disparities between funding and requirements over the next five years.
With a substantial debt nearing £19 billion, the company warns of potential insolvency by March 2024 unless further emergency funding is secured through a pending court decision. Chairman Sir Adrian Montague stresses that the appeal is aimed at ensuring long-term stability and placing the business on a secure footing for the future.