Water Companies: Financial Resilience

Lord Moylan Excerpts

Tuesday 23rd July 2024 Lords Chamber

[Baroness Hayman of Ullock (Lab)]

I thank the noble Baroness for her welcome. I am sure she has seen the environmental performance assessment that came out today. It reports that most companies continue to underperform and there continue to be a lot of concerns in this area. On the specific question she asked, I will write to her with the proper information so I know I am accurate.

[Lord Moylan (Con)]

My Lords, I also welcome the noble Baroness to her place. In response to the question of the noble Lord, Lord Sikka, she was very clear that the Government did not intend to nationalise Thames Water. However, can she clarify whether she is ruling out, or admitting the possibility of, special administration, which is contained in the current arrangements and is a means by which the shareholders and the debt holders who lost money would be cleared out and the company cleaned up, so to speak, for onward sale on a more robust financial basis? Is that contemplated by the Government as a possible route?

[Baroness Hayman of Ullock (Lab)]

Currently, the regulator is working with the company to look at the best way forward, and the company is looking for further investment.