A sign displaying the Thames Water Ltd. company logo on protective barriers surrounding water supply works in London, UK, on Monday, July 8, 2024.
Thames Water is back in the news as it wants to hike customers’ bills again.
The water company’s request comes as the industry watchdog Ofwat calls for curbs on how much customers can be charged for the essential service.
Here’s what you need to know about the firm, why it is requesting more money and where the money is going.
Who owns Thames Water?
A consortium of pension funds and sovereign wealth funds owns Thames Water, but that’s not particularly unusual in the industry.
More than 90% of English water companies are owned by international investors, private equity funds and banks.
They were all privatised in 1989 by then-PM Margaret Thatcher, selling it all off for £7.6 billon.
Thames Water is owned by a range of names, although the Canada-based Ontario Municipal Employee Retirement System owns the largest share according to the firm’s website, controlling around 32%.
The UK’s largest private pension fund, the Universities Superannuation Scheme, owns 20%, and a subsidiary of the Abu Dhabi Investment Authority – one of the world’s largest sovereign wealth funds – owns almost 10%.
British Columbia Investment Management Corporation owns 8.7% while one of Europe’s........