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...Meanwhile, a political and public outcry has erupted over service quality and pollution. “Thames Water is a canary in a coal mine,” said one water company investor....
...That has left the company rushing to raise more than £3bn in fresh capital by 2030, including £750mn by next year, to keep services running and improve its water and sewage infrastructure....
...The company services an area that includes popular swimming beaches at Herne Bay, Whitstable and Brighton....
...The company, which provides water and sewage services to around 15mn customers, has been struggling with the effect of higher interest rates on its £18bn debt as well as labour, energy and materials cost...
...They’ve already paid a high price through the company’s poor complaints record and service levels,” said Mike Keil, chief executive of the CCW....
...supplies water and sewage services to about 25 per cent of England’s population, would have far-reaching consequences....
...Google will detail more of its plans in AI and search at its annual I/O developer conference on May 14 and 15 at its headquarters in Mountain View, California....
...Thames Water’s parent company told bondholders earlier this month that it was in default, heightening fears that it could be renationalised....
...Shouting matches between utility companies and regulators are common in the UK....
...Hell or high water can come to the financing arrangements outside the ringfence and the company providing water services can continue unscathed....
...Thames Water has said it has enough cash to last until July next year....
...We’re an AI company. We’re gonna create all kinds of services around AI that you don’t even imagine yet....
...richard.waters@ft.com...
...“We need to make sure that companies are regulated in a way that makes sure that what happens to their balance sheet doesn’t do damage to public services on which we all depend,” Hunt said....
...Other water companies have high gearing too, built up in the decades since their 1989 privatisations....
...The nearly £15bn of debt held by the Thames Water utility companies that sit below Kemble should be unaffected by the default....
...The company, which provides water services to 15mn people in England, is now facing a messy debt restructuring or even the prospect of a temporary renationalisation under the government’s special administration...
...He added: “Our understanding is that the company is still solvent, today’s news should not have an impact on services received by customers.”...
...That triggered the holding company’s default. The more than £16bn worth of Thames Water bonds sitting below the holding company are part of a so-called whole business securitisation....
...Company insiders say big-company inertia, a fragmented organisational structure and the lack of a single, coherent company-wide plan for rolling out generative AI across its range of products and services...
...Thames Water, the UK’s biggest water company, provides water and sewage services to 16mn people, or around 25 per cent of the population....
...restricts the ability of bondholders to seize assets if Thames Water is unable to service its debts....
...robotaxi service in San Francisco....
...Microsoft, Google and Meta have raised their water consumption over recent years, with millions of users hooked on their online services....
...Together, the three companies supply water to 3.7mn people across south-east England. South East Water, which is under investigation by Ofwat for service failures, declined to comment on the letter....
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