Thames Water submits plan to raise bills by 56pc

(Sharecast News) - Thames Water has submitted a revised business plan to regulators, proposing an increase in bills of 56%, it was reported on Friday. The plan, reported by the Times, would see average annual bills nearing £700 for the troubled utility's 16 million customers.

It would see charges rise over next five years, making for a substantial escalation from previous estimates.

Thames Water has been on the brink of collapse recently, with heavy debts and a lack of support from its nine shareholders including Canadian pension fund Omers and sovereign wealth funds from China and Abu Dhabi.

The situation had prompted discussions within the government about a potential renationalisation.

Reporting by Josh White for Sharecast.com.