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...UK water companies including Thames Water have substantial amounts of such inflation-linked debt....
...Thames Water and Southern Water only mapped the pipes as they worked on them, leaving a large proportion of the network unchecked, the two companies revealed in responses to freedom of information requests...
...In the letter, Coucher warned that the number of “criminal convictions” faced by water companies was too high....
...“Thames Water is a canary in a coal mine,” said one water company investor. “You’ve got the biggest water company teetering on the brink and we are all watching....
...Two directors, including company secretary Rachael Hambrook, quit parent company Kemble on Thursday in a sign of the water monopoly’s growing distress....
...A ship heading for the Suez Canal was hit by a missile on Tuesday, marking the second successive day that a vessel in the waters off Yemen has suffered damage despite bombing raids by the US and UK last...
...Car manufacturing in Europe is not about to get a substantial reprieve from Chinese competition even if Suez shuts indefinitely. Multinational companies live or die on their ability to assess risk....
...Problems in the Suez also risk combining with shocks elsewhere. Across the world, the Panama Canal is suffering from low water levels linked to drought....
...Larsen pointed out that certain shipping companies were continuing to use the Suez route....
...are rushing back to use the strategically vital Suez Canal....
...Thames Water, the UK’s biggest water company, provides water and sewage services to 16mn people, or around 25 per cent of the population....
...Thames Water has said it has enough cash to last until July next year....
...Thames Water has a complex group structure with seven layers between the parent company and the operating company, which is regulated by Ofwat and collects customer bill payments....
...Such a route might involve sailing between Asia and Europe via the Cape of Good Hope rather than the Suez Canal....
...Troubled UK utility Thames Water has pushed up the amount it plans to spend on its network in its latest business plan by £1.1bn to £19.8bn....
...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 Suez Canal is uniquely vulnerable and uniquely valuable....
...The hedge fund has stayed clear of bonds at Thames Water’s holding company Kemble, however, which sit outside the regulatory ringfence and are trading at less than 15 pence....
...Macquarie has not had any control or influence over Thames Water’s operating company since 2017.” Thames Water declined to comment....
...Shouting matches between utility companies and regulators are common in the UK....
...Shipping lines have increasingly been deserting Red Sea and Suez Canal routes since late November....
...It has no security over water company assets. They are inside the ring-fence and the bond is not....
...New York-listed insurer Assured Guaranty had more than $12bn of exposure to UK water companies at the end of 2023, with more than $2bn to Thames Water alone....
...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...
...For all the talk about complexity, the business structures of private water companies are straightforward....
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