LONDON, June 30 (Reuters) - Universities Superannuation Scheme (USS), one of the largest investors in Thames Water, has given its support to Britain’s biggest water supplier after the abrupt departure of its CEO raised concerns about its viability.
The British government is considering temporary state ownership of the company, which supplies a quarter of British households, if it cannot raise more funds to drive its turnaround.
“We have given our backing to Thames Water’s turnaround plan and Net Zero roadmap and engage with them regularly to support their long-term strategy,” USS group CEO Bill Galvin said on Friday in a note to its sponsoring employers.
Thames Water is struggling with 14 billion pounds ($17.8 billion) of debt and has failed to meet customer and environmental targets, including stemming the flow of raw sewage into rivers.
($1 = 0.7876 pounds)Reporting by Carolyn Cohn; Writing by James Davey; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.
Persons:
Bill Galvin, ”, USS’s Galvin, Carolyn Cohn, James Davey, Daniel Wallis
Organizations:
Thames, System, China Investment Corp, Thomson
Locations:
Thames, Ontario