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...The two companies have asked the regulator to approve substantial increases in customer bills to help finance the repairing of leaks and prevent spills....
...Peter Hope, head of regulatory finance at Oxera Consulting, said water companies will need to change how they run their finances in the next few years, given the step change in investment that is expected...
...Thames Water’s lenders have become increasingly nervous after the default by Kemble Water Finance, which has increased the likelihood of writedowns on the utility’s £16bn of debt....
...The CFPB cannot block this deal as Capital One has filed an application with other agencies. But Chopra said his agency “is regularly consulted on merger issues”....
...Meanwhile, the Environment Agency is conducting a far-reaching criminal investigation into suspected widespread non-compliance by water and sewerage companies at more than 2,200 sewage treatment works....
...Kemble, which was set up to raise finance for Thames Water, needs the dividends to service its debt but new rules introduced last year forbid water utilities with poor financial records from making payouts...
...According to data from the Environment Agency this week, 47 overflows owned by Thames Water discharged raw sewage more than 100 times last year....
...Access to water will be essential for the lunar settlements that several space agencies envisage for the coming decade....
...Rating agencies are also starting to take action. S&P this month downgraded Thames Water’s top-ranked class A debt to BBB-, the bottom rung of investment-grade, just one notch above junk....
...The bonds were issued by Kemble Water Finance, which sits above the nearly £15bn of debt at the Thames Water utility companies that should be unaffected by the move....
...The increases are partly due to more monitoring of the 14,318 storm overflow pipes, which release untreated sewage and storm water into coastal waters and rivers when it rains....
...Why is Thames Water, the British utility currently in crisis, any different? Giles Keating London W8, UK...
...Helen Wakeham, director of water transformation at the Environment Agency, said it wanted “complete transparency on discharges of sewage to our water environment”....
...Leverage is high at about 80 per cent in the utility, the debt held in the subsidiary company Thames Water Utilities Finance, within the regulatory ringfence....
...Its parent company, Kemble Water Finance, this month defaulted on its debts. These issues are simple in capitalism. Owners and managers got things wrong....
...Meta’s finance chief Susan Li said capital expenditure would rise to $40bn this year and go even further in 2025, projections that overshadowed a 91 per cent increase in first-quarter net income....
...Kemble Water Finance, the main holdco, has a £190mn loan due April 30 that it can’t pay and probably won’t be able to refinance....
...The signs that Thames Water and its parent Kemble Water Finance constituted a high-risk, low-profit business were there all along....
...That includes the use of batteries, hydrogen, water or other solutions to store electricity....
...In today’s newsletter: Thames Water’s Chinese lenders AT1 documents fight Blackstone’s luxury sale Thames Water’s Chinese stand-off Critics of Britain’s water company privatisation have recently accused...
...The bonds were sold by Kemble Water Finance, which is part of the labyrinthine corporate structure built at Thames by its former owner, Australian infrastructure investor Macquarie....
...A third of Thames Water’s sewage monitors do not work properly, according to new analysis of Environment Agency data by the Liberal Democrats, compared to 15 per cent of monitors across the industry....
...Cracks show in Thames Water’s financial plumbing The supposedly bulletproof capital structure used to finance Thames Water isn’t looking so solid.The finances backing the UK’s largest water utility and...
...Macquarie’s investors lent about £130mn to the utility’s holding company Kemble Water Finance Ltd in 2018 and 2020, according to a person familiar with the situation....
...That loan has already led credit rating agency Fitch to downgrade Kemble Water Finance Ltd further into junk territory and may diminish capital market appetite for Thames Water debt, making it even more...
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