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...Rachel Reeves, shadow chancellor, said last year: “Spending billions of pounds on nationalising things just doesn’t stack up against our fiscal rules.”...
...“If they don’t know where the sewers are, they will also be ignorant of the age and condition of the pipes, raising serious questions about the value and liabilities associated with the infrastructure as...
...“The shareholders would be irrational to put any equity in if they don’t win concessions,” he added....
...Tim Whittaker, head of data at Edhecinfra and Private Assets, a research institute, said the “loans wouldn’t do anything to significantly de-lever Thames’ balance sheet, which has been one of the core risks...
...They weren’t expecting to inject cash of their own. Now the companies have too much debt, they haven’t invested enough in infrastructure and some of the more recent shareholders are screwed.”...
...Thames Water has lobbied regulators to let it increase bills by 40 per cent by 2030....
...“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....
...Politicians, he said, “don’t care about anything other than the sector not being in the papers.”...
...He added: “I don’t think it’s the model which is the issue per se, it’s the shift in the regulatory and political landscape.”...
...While DD won’t try to predict whether the Chinese lenders will play ball and extend the loan, we are sure of one thing: the whole situation is as murky as the river Thames....
...And they don’t have quite that debt burden that Thames has. Sonja HutsonYeah....
...“Thames Water investors are essentially blackmailing customers and Ofwat,” said a spokesman for GMB, an influential trade union....
...Thames needs a £750mn equity injection by April 2025 and a further £2.5bn by 2030 to fund its current investment plans and manage assets. But if Kemble defaults, Thames doesn’t necessarily follow....
...“Equity is saying it won’t give any more money unless Ofwat blinks and Ofwat is refusing,” added this person....
...There are lessons here, and a warning for shareholders in all regulated companies providing essential services — that their investments are at risk if they don’t take an active role in ensuring that the...
...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...
...— The real development was the friends we made along the way (Global Developments) — Thames Water, a fluid situation (TwentyFour Asset Management) — Why a central bank’s bottom line doesn’t matter that...
...Mentioned in this podcast: Thames Water owners to begin urgent restructuring talks Why family-friendly policies don’t boost birth rates Nato plans $100bn ‘Trump-proof’ fund for Ukraine Southern growth...
...Are you still confused by Thames Water, as the UK’s largest water utility circles the drain?...
...Environment Agency director of water Helen Wakeham said it was “disappointing” but “not surprising”, adding: “It is a complex issue that won’t be solved overnight.”...
...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....
...also an investor in gas — focus is needed on UK energy network companies to ensure they don’t become the next water, or worse....
...Thames Water points out that its current owners haven’t received an external dividend for several years (or interest payments on their shareholder loans)....
...“At the time, I hadn’t been through that information and wasn’t aware of the source of that finance.”...
...Kemble Water Finance purchased £500m of shares in Thames Water Limited and Thames Water Limited purchased £500m of shares in Thames Water Utilities Holdings....
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