Thames Water’s £3 Billion Rescue

The debt restructuring of the UK water supplier provides a cautionary tale to New Zealand

In June 2023, I wrote about Thames Water, the UK’s largest water supplier, which was buckling under £14 billion of debt—a load that had long crippled its ability to upgrade its pipes and serve 15 million customers across London and the South East.

Last week, on February 18, 2025, an English High Court judge approved a £3 billion emergency loan to preven…