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Thames Water nationalisation moves closer as government ‘objects to rescue deal’
TL;DR
The UK environment secretary has objected to a £10bn rescue deal for Thames Water, citing concerns over consumer burden, which may lead to the company's nationalisation. This follows calls from Labour's Andy Burnham for greater public control over water companies.
Key points
- UK environment secretary objects to £10bn Thames Water rescue deal
- Concerns raised about consumer burden from the proposed deal
- Andy Burnham supports nationalisation of Thames Water
Mentioned in this story
Thames WaterEmma ReynoldsAndy Burnham
Ofwat
The UK environment secretary has reportedly objected to a £10bn rescue proposal for Thames Water because it would place an “undue burden” on consumers, pushing the troubled utilities firm closer towards public ownership.
Emma Reynolds, the environment secretary, wrote to Ofwat, the regulator, on Monday to raise concerns about the plan for the UK’s biggest water company, according to the Times, as she is worried that customers will lose out.
Ofwat was close to a deal with lenders under which the struggling company would avoid any new fines over sewage leaks for four years in return for a cash injection into the business from its creditors, which would take over the company.
Earlier this month, Andy Burnham said Thames Water should be nationalised, revealing public ownership of water companies would “absolutely be an option” under his potential leadership of the Labour party.
Burnham, Labour’s candidate in the Makerfield byelection, had previously called for “greater public control” over the companies, and told the Guardian this could mean nationalisation. He is understood to have met water campaigners including the former Undertones frontman, Feargal Sharkey, who is an advocate for nationalisation of water.
Thames serves about 16 million people in London and the south of England. Since the company was privatised under Margaret Thatcher, the successive private equity firms that have owned it have loaded the company with £17.6bn of debt, and it is now close to collapse.
The government has to decide whether to take it into special administration, a form of temporary nationalisation, or accept a deal offered by its creditors that would write off up to £1bn in fines for illegally polluting the environment. If the government waves through the rescue deal, the company would be part controlled by Elliott Investment Management, which is run by the billionaire Trump donor and hedge funder Paul Singer.
Elliott is one of the leading creditors in a group that includes Silver Point Capital, BlackRock and M&G. The consortium of hedge funds, known as London & Valley Water, wants to take over Thames in a multibillion-pound restructuring.
Q&A
Why did the UK environment secretary object to the Thames Water rescue deal?
The environment secretary objected because the deal would place an undue burden on consumers, raising concerns about potential negative impacts on customers.
What are the implications of Thames Water moving closer to nationalisation?
If Thames Water is nationalised, it would mean public ownership of the company, potentially leading to changes in management and service delivery for consumers.
Who has called for the nationalisation of Thames Water?
Andy Burnham, Labour's candidate in the Makerfield byelection, has called for the nationalisation of Thames Water, advocating for greater public control over water companies.
