Thames Water plans £20bn of spending during the race to avoid collapse

Thames Water plans to spend almost £20 billion on repairing leaks and sewage leaks under a new business plan sent to regulators.

The beleaguered water supplier, which has £18 billion in debt, is looking to spend £1.1 billion more than previously thought under proposals sent to regulator Ofwat, known as PR24.

The country is trying to avoid a costly nationalization, which would mean lenders losing as much as 40% of their money.

Shareholders said last month they would not give the company the promised £500 million lifeline, which was part of a planned £3.75 billion financing package aimed at helping the company until 2030.

CEO Chris Weston said: “Our business plan focuses on our customers’ priorities.

“As part of the usual ongoing discussions regarding PR24, we have now updated it to deliver more projects that benefit the environment. We will continue to discuss this with our regulators and stakeholders.”