Thames Water - comment

Now back from vacation, the negative news flow from Thames Water continues. This time the company has agreed to an independent monitor to access its records and report on progress as well as improve its turnaround plan, needed to fix chronic leaks and sewage spills. This implies that the recently announced Turnaround Oversight Regime will start immediately rather than early next year.  Thames has agreed to these measures in a bid to avoid enforcement action from Ofwat after being downgraded to junk by Moody’s and S&P. The firm is also seeking to strike a deal with the Ofwat to avoid a fine of £104 million for polluting rivers.