Macquarie borrowed big, now 16 million Thames Water users are picking up the bill

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Macquarie borrowed big, now 16 million Thames Water users are picking up the bill - Business Mirror

Quick Summary:

Of the £11 billion Macquarie invested in Thames Water infrastructure during its ownership, more than 85 percent was funded by debt.

Ofwat will make a draft ruling on whether Thames’s next five-year business plan is viable on July 11. Without the nod from the regulator Thames may find it impossible to raise the billions of pounds in equity needed to fund its turnaround plan to fix chronic leaks and the sewage spills. On Monday the UK’s main opposition Labour Party—which looks poised to take power after the election—said it wanted to avoid any kind of long-term state ownership of Thames and is searching for alternative solutions.

The debt that Macquarie loaded on to Thames has proved unsustainable. Kate Bayliss, an economics research associate at London’s School of Oriental and African Studies, likens Thames customers to renters of “their water system” who are having to pay “their landlord’s mortgage while the repairs are not being done.