MADRID, 28 Jun. (EUROPA PRESS) –
The UK government and Ofwat, the water sector regulator, are evaluating contingency plans for the intervention of Thames Water, the country’s largest water supply and wastewater treatment company, after the resignation of the chief executive of the company, Sarah Bentley, and the uncertainty about the viability of the company, whose debt exceeds 14,000 million pounds (16,292 million euros).
As reported by ‘Sky News’, representatives of the Treasury and the Department of Environment, Food and Rural Affairs (DEFRA), as well as Ofwat, have begun to discuss the possibility of placing the utility company under a special administration regime. (SAR) which in practice would mean the temporary nationalization of Thames Water.
Likewise, the newspaper ‘The Telegraph’ reports that the investment bank Rothschild and the law firm Slaughter
Last year, the owners of Thames Water, a group of private equity, pension and infrastructure funds, injected 500 million pounds (582 million euros) into the company and promised another 1,000 million pounds (1,164 million euros) subject to conditions, according to ‘Financial Times’.
In this context, Thames Water announced yesterday the resignation of Sarah Bentley as CEO of the company, just three years after her appointment. Alastair Cochran and Cathryn Ross will assume the role of joint interim CEO effective immediately.
“The foundation of the change we have established positions the company for future success in improving customer service and environmental performance. I wish the best to everyone involved in the change,” Bentley said.
Thames Water is the UK’s largest water treatment company, serving around 15 million customers in London and the Thames Valley.
