Thames Water customers have been assured that “absolutely nothing” will happen to their bills or supply, as the heavily indebted firm scrambles to raise cash from investors to prevent collapse.
Health minister Neil O’Brien told Sky News: “They are still in the process of finding further resources from their own shareholders and that’s the first place they should look to, obviously.
“Of course the government does have contingency plans if this does become a problem.”
Mr O’Brien refused to say if the utility firm could be taken into public ownership as a last resort, insisting he was “not able” to reveal what the contingency plans are.
But in a message to Thames Water customers he said that whatever the outcome: “Absolutely nothing is going to happen in terms of either their bills or their access to water, we have contingency plans – like we do in all of these network utilities – to manage any difficult situations.”
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Several reports on Thursday suggested concerns about Thames Water’s finances had now broadened to other firms in the industry.
Industry regulator Ofwat responded: “Over the last day or so, there has been a lot of commentary about financial resilience in the water sector with considerable focus on Thames Water in particular.”
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It added: “Overall, the sector is continuing to attract international capital and is especially attractive to long term investors such as pension funds. Indeed, there has been an additional equity injection of around £2bn since 2020, with companies acting to strengthen their financial position.
“Ofwat will continue to keep companies’ financial resilience under close scrutiny and work with companies to ensure they take action to ensure that they have the financial backing to deliver for customers and the environment.”
On Wednesday, Thames Water said it was working “constructively” with shareholders to secure extra cash.
The company, which serves 15 million households, said that it needs “further equity funding” on top of the £500m it raised just three months ago.
The statement came after Sky News revealed the government is discussing placing Thames Water into a special administration regime (SAR) that would effectively take the company into temporary public ownership if it collapses.
Rebecca Pow, the water minister, did not say how much a government bailout could cost when pressed on the matter by Labour in the Commons.
She insisted the water sector as a whole is “financially resilient” and the government is confident that Ofwat is “working closely with any company that would be facing financial stress”.
Kemi Badenoch, the business secretary, admitted she is “very concerned” by the situation.
Thames Water – owned by a consortium of pension funds and sovereign wealth funds – has come under pressure in recent years over its poor performance in tackling leaks and sewage contamination, while facing criticism for handing out big rewards to top bosses and shareholders.
On Tuesday, Thames Water chief executive Sarah Bentley stepped down with immediate effect amid mounting worries over the financial stability of the company and criticism of her £1.6m pay packet despite the company’s environmental performance.
England have booked their place in the semi-finals of the Women’s Euros after knocking out Sweden.
The Lionesses won 3-2 on penalties at Stadion Letzigrund in Zurich, Switzerland, after clawing their way back to take the game into extra-time.
The defending champions had been 2-0 down at half-time after goals from Sweden’s Kosovare Asllani and Stina Blackstenius in the quarter-final clash.
England then levelled matters towards the end of normal time. Lucy Bronze delivered the first England goal on 79 minutes, assisted by substitute Chloe Kelly. Two minutes later, Michelle Agyemang followed suit, taking the score to 2-2.
Image: England goalkeeper Hannah Hampton (R) celebrates with teammates after the side beat Sweden. Pic: AP
After a goalless extra-time, it was time for penalties.
Alessia Russo kicked things off, finding the back of the net for England, before Lauren James, Alex Greenwood, Beth Mead and Grace Clinton had their attempts saved by Sweden’s Jennifer Falk.
The game was sent into sudden death after Falk went face-to-face with England’s Hannah Hampton but sent the ball flying over the crossbar.
Image: Pic: Reuters
Image: A devastated Sweden. Pic: Reuters
It all came down to Sweden’s seventh penalty after Bronze sensationally scored, with 18-year-old Smilla Holmberg missing the chance to send her team through.
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England will next face Italy in the semi-finals in Geneva on Tuesday.
‘That was crazy’
England boss Sarina Wiegman described the action as “one of the hardest games I’ve ever watched”.
Image: Sarina Wiegman after the match. Pic: Reuters
“We could have been out of the game three or four times, when you’re 2-0 at half-time it’s not good,” she said after the match.
“Although we started really bad, at the end it got better, but we didn’t create anything so we had to change shape, and we score two goals – that was crazy.
“We miss a lot [of penalties], and they miss even more. I need to decompress, I think.”
Image: Hannah Hampton still delivered with one nostril down. Pic: Reuters
Goalkeeper Hampton added that it was “stressful watching” and “stressful playing”.
The 24-year-old, who was left with a bloodied nose in extra-time, said: “Every time I saved one, I was just thinking ‘please put it in, so we have a bit of a cushion!’
“To be honest, I think I was better in the game when I had one nostril than when I was completely fine!”
She said it was the support of the England fans that helped the team push on. She said: “They were definitely behind me and I appreciate all the support.”
Image: Michelle Agyemang reacts after levelling the game for the Lionesses. Pic: Reuters
Their journey in the group stages started with a 2-1 defeat to France, but hopes were lifted after England sailed past the Netherlands and Wales to reach the knockout stages, finishing second in Group D.
Sweden on the other hand went into Thursday’s game unbeaten in the tournament so far, having already defeated Germany, Poland and Denmark in the group stages.
By the time Hannah Hampton appeared in the news conference, the England goalkeeper was relieved, ecstatic and wanting to share this night far and wide.
So when her phone started ringing with a FaceTime call, she broke off speaking to the media about reaching the Euros semi-finals to answer it.
And then share the call with the room in Zurich.
After such a nerve-shredding night, this was the moment to relax and just savour it all.
Savour how close they came to throwing it all away against Sweden before staging a stirring comeback inspired by Lucy Bronze.
The 33-year-old scored the goal that began the fightback with 11 minutes to go and converted England’s final penalty in the shootout.
Image: Lucy Bronze converted England’s final penalty. Pic: Reuters
“Lucy Bronze is one of a kind,” England manager Sarina Wiegman said. “It’s that resilience, that fight. I think the only way to get her off the pitch is in a wheelchair.”
The Lionesses looked down and out, 2-0 down after 25 minutes.
Completely outplayed. A defence run ragged. Just too sloppy.
“We said at half-time we don’t want to go home,” Hampton said. “So it’s up to us to turn the game around.”
Image: Things were not looking good for England by half-time. Pic: Reuters
Image: But the team managed to turn things around. Pic: Reuters
That only came after Wiegman deployed the substitutes the manager calls “finishers”.
They fulfilled their mission.
“Sweden in that moment had to adapt to some different things in the game,” Wiegman said, “before they could, it was 2-2.”
Within seconds of coming on, match-winner Chloe Kelly showed the missing spirit. The spirit that saw her score the Euro 2022 winner.
Image: Pic: Reuters
A creator of two goals in 103 seconds.
A cross headed in with 11 minutes to go by Bronze – the only player still playing from the Euro 2013 group-stage elimination.
It was a lifeline seized on so quickly.
Another cross from Kelly was this time brought down by Beth Mead before Michelle Agyemang.
The timeliest of goals from the teen – a first tournament goal on her third appearance as a sub.
Image: Teenager Michelle Agyemang reacts after scoring England’s second goal in normal time. Pic: Reuters
But there would be the anxiousness of extra time to follow, unable to find a breakthrough.
So to the shootout that lasted 14 penalties between them.
Hampton said: “It was stressful watching and playing, I thought every single time when I saved one, ‘Please score and give us a cushion’. I feel so happy and relieved.”
Around Alessia Russo and Kelly scoring there were four England misses before Bronze converted England’s seventh and Sweden missed a fifth.
Felix Baumgartner, the extreme athlete who once jumped from the edge of space, has died in a paragliding crash in Italy.
The 56-year-old Austrian lost control of his motorised paraglider while flying over Porto Sant’Elpidio in the central Marche region.
He then fell to the ground near the swimming pool of a hotel. The reasons for the accident were unclear.
According to reports, he fell ill and lost control.
Image: Pic: AP
During the fall, he is thought to have hit a hotel employee, who was taken to hospital with neck injuries, according to Sky Sports Austria.
She was reportedly injured by a piece of debris that had been dislodged during the vehicle’s impact.
The mayor of Porto Sant’Elpidio, Massimiliano Ciarpella, offered the town’s condolences for the death of “a symbol of courage and passion for extreme flights”.