Thames Water’s chief executive has refused to rule out a 40% rise in customers’ water bills as the troubled company tries to secure its future.
Chris Weston told Sky News’ Ian King that he believed the company was being “completely secretive” about the possibility of price increases.
Shareholders previously accused Ofwat of not providing the “regulatory support” needed to help the company deliver on its turnaround plan.
The nine shareholders said they had been in talks with Thames Water and the regulator to try to find a solution to the “complex challenges” facing the company.
But they said in a statement: “After more than a year of negotiations, Ofwat is not ready to provide the necessary regulatory support for a business plan that will ultimately resolve the issues facing Thames Water.
“As a result, shareholders are unable to provide further funding to Thames Water.”
On Wednesday night, Sky News reported that Thames Water’s board was locked in tense talks as shareholders tried to water down their commitment to inject capital into the company to ensure its survival.
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