Is the board of Thames Water having a laugh? Having been told last month by regulator Ofwat that a plan to hike customers’ bills by 40% over five years was unacceptable, and that 23% would be nearer the mark, the company has returned with a counter-proposal: how about 52%, or 59% if one throws in conditional spending on big projects?
Since these figures don’t include inflation, one can add a few quid to projected average bills of £666 or £696 in 2030, versus £436 today. It would be a miracle if Ofwat, which was talking about £535 before inflation, agreed to anything like that. The August to December consultation period allows for revisions, but regulator and company look to be oceans apart.
