This intervention pushed Britain\u2019s biggest water company closer to a form of temporary nationalisation called a special administration regime.<\/p>\n
Thames Water has said it has sufficient funding to survive until the end of the year, as it scrambles to recapitalise to avoid nationalisation.<\/p>\n
The UK\u2019s largest water company, which serves 16 million customers in London and the south of England, said it continued to work with creditors, regulators and the government on a recapitalisation plan.<\/p>\n
Thames Water, which has been held up as a symbol of the privatised sector\u2019s failures, has been blamed for polluting rivers and waterways with sewage leaks and has struggled under a ballooning debt pile.<\/p>\n
In its annual results for the year to 31 March, published on Wednesday, Thames reported that its net debt had risen to \u00a318.5bn, up from \u00a316.8bn a year earlier.<\/p>\n
However, the company said its performance was improving as it reported underlying profit after tax of \u00a3204m compared with \u00a313m a year earlier.<\/p>\n
It said it had achieved an 18% reduction in pollution in the 12 months to the end of March compared with the same period a year earlier.<\/p>\n
Despite this, Thames said it had only met 55% (11 out of 20) of Ofwat\u2019s common performance commitment targets, although this was an improvement on the 38% it achieved a year earlier.<\/p>\n
In recent weeks the environment secretary, Emma Reynolds, has objected to a \u00a310bn rescue proposal for the company put forward by 100 institutional investors to the water regulator for England and Wales, Ofwat, saying it would place an \u201cundue burden\u201d<\/a> on consumers.<\/p>\n This intervention pushed Britain\u2019s biggest water company closer to a form of temporary nationalisation called a special administration regime.<\/p>\n
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