Overview

• The London & Valley Water consortium, comprising 15 lenders including Aberdeen, Elliott Management and BlackRock, submitted a £20.5bn plan to stabilise and improve Thames Water.
• The proposal earmarks £9.4bn over five years for assets, including £3.9bn to upgrade the worst sewage treatment sites, £2.7bn to curb spill incidents and £1.2bn to support drinking water quality.
• The group says its programme fits within Ofwat’s 2025–30 bill limits, with no additional increases beyond those already approved.
• Ofwat has yet to decide whether to approve the consortium to run the utility, with special administration remaining a risk if no deal is secured.
• The government maintains a preference for a market solution and has FTI Consulting preparing contingencies after a prospective KKR rescue collapsed in May.