Thames Water - comment

We are wondering. We’ve shown the other day what the narrow path to making money looks like for TW and its investors and it’s clear that no equity investor will recover their money, let alone achieve returns inside this AMP8. So if there are no scenarios to quadruple returns, anyone committing equity capital now will need legally binding assurances beyond this parliament’s legislative period. If this government won’t give these assurances to the best candidate they can hope for, then how would even creditors follow their money?