Thames Water boss says leakage targets 'not realistic'

Thames Water's CEO, Chris Weston, has stated that the company's leakage targets are not realistic. Thames Water has faced criticism for its performance in recent years due to numerous sewage discharges and leaks, leading to a record £122.7m fine from regulator Ofwat for breaching sewage spill rules. Weston acknowledged the need for improvement but questioned the achievability of some targets.

Ofwat maintains that company targets are ambitious, while an environmental group argues that sewage pollution should not be considered inevitable. Thames, burdened with billions in debt, might be placed in a special administration regime, although Weston believes this could leave taxpayers footing the bill. He prefers a rescue deal from the company's lenders, which would write off £9bn of debt, inject new investment, and grant the government veto powers over major decisions.

Weston supports greater public control but believes special administration would disrupt investment and burden taxpayers. The CEO also emphasized the importance of preparing for the new normal of hotter, drier conditions, calling for more reservoirs and urging the government to take action.