Ofwat has agreed to a request from Thames Water to further defer the referral of its PR24 Final Determination for the water company to the Competition and Markets Authority (CMA) for a re-determination until 22nd October 2025.
Thames Water announced on 14 February 2025 that it had asked the economic regulator, to refer its Final Determination to the CMA for a re-determination
On 18 March 2025 Thames announced that it had agreed with Ofwat that the regulator would defer making the referral for a period of up to 18 weeks from 18 March 2025.
Thames Water said the deferral is not a withdrawal of the request for the CMA referral – the company remains of the view that the Final Determination does not serve the interests of Thames Water's customers, communities and the environment.
The utility said it has been engaged in constructive discussions with its senior creditors and Ofwat in relation to Thames Water’s future regulatory arrangements with the intention of unlocking a market-led solution for the recapitalisation of the company, including through an equity raise, without the need for a CMA reference.
A statement issued by Thames Water said that further deferral would provide an opportunity for the discussions to continue in the coming weeks and that it “remains focused on delivering a recapitalisation transaction which delivers for its customers and the environment as soon as practicable.”
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