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Thames Water to lodge appeal with CMA
(Sharecast News) - Thames Water said on Friday that it would appeal to the Competition and Markets Authority to examine Ofwat's recent decision on the embattled water and sewage company's business plan. Thames Water claims the watchdog's Final Determination for the five years to 2030 didn't "appropriately support the investment and improvement" required.
Thames Water could run out of money in the no-so-distant future as it awaits judgment on a £3.0bn loan as part of a restructuring plan to try to stave off special administration.
The company said its decision to push Ofwat on a referral was made unanimously, noting that it wants the additional cost of operating in London to be taken into account.
The new regulatory period starts 1 April, before the CMA investigation will likely be concluded. Thames also said that customer bills will go up regardless of the outcome.
Reporting by Iain Gilbert at Sharecast.com
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