Ofwat appoints Independent Monitor for Thames Water’s recovery plan

An independent Monitor has been appointed to oversee Thames Water’s progress with its equity raise and transformation plan, following the company’s recent loss of its investment-grade credit status.

The appointment, made by the water industry regulator Ofwat, is part of a series of commitments from Thames Water aimed at rectifying its licence breach and stabilising its financial standing.

L.E.K. Consulting, a global management consulting firm, will take on the role of independent Monitor.

Their remit involves providing regular updates to Ofwat on Thames Water’s progress, ensuring transparency and accountability in the company’s efforts to strengthen its financial position.