Thames Water are proposing to spend £1.1 billion and possibly a further £1.9 billion of investment and have warned their 16 million customers bills could soar by 44%.
The troubled water firm who services London and Thames Valley said their business plan over the next five years to 2030 will see spending surge to £19.8 billion.
Should Ofwat allow for Thames Water plans to go ahead customer bills could soar to £627 a year by 2030.
Thames Water chief executive Chris Weston said, “Our business plan focuses on our customers’ priorities.
“As part of the usual ongoing discussions relating to (the business plan), we’ve now updated it to deliver more projects that will benefit the environment.
“We will continue to discuss this with our regulators and stakeholders.”
Liberal Democrat Treasury spokeswoman Sarah Olney said, “It would be an absolute disgrace if customers are forced to foot the bill for Thames Water’s shambolic failings.
“Ofwat cannot allow these bill hikes to go ahead.”
Gary Carter, GMB National Officer, said, “It’s not for hard-up bill payers to dig Thames out of the financial mess they’ve created.
“The shareholders who trouser millions since privatisation must fork out to give the company a chance to turn things round.
“You can’t expect customers to pay £627 a year to pay for the past failures of Thames Water.
“Previous owners have taken the profits in huge dividends rather than putting in the investment needed.”
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