Thames Water has requested an increase in the average water bill by £18.99 a month, or £228 a year, in order to fund necessary investments in infrastructure. The company argues that cuts proposed by Ofwat would render their plan uninvestible, and that bill increases are necessary to cover the shortfall.
Thames Water aims to invest £20.7bn in upgrades, including replacing water mains, lead pipes, and upgrading sewers to reduce pollution incidents and leaks. The company is seeking regulatory approval for their plan to raise £3.3bn in equity to fund these improvements.
Meanwhile, in the automotive industry, Polestar has replaced its chief executive with the former boss of Opel, while Hyundai is doubling its hybrid car offerings in response to softening demand for electric vehicles. Chinese carmaker Xpeng has introduced a new electric car priced competitively to challenge traditional carmakers.
In the energy sector, industry leaders are discussing the need for bill increases to support investment in infrastructure and address rising debts among households. Additionally, the FCA has launched an investigation into life insurance market practices to ensure fair value and consumer protection.
Overall, companies are navigating challenges posed by changing market demands, regulatory constraints, and the need for infrastructure investment to meet future needs. The outcomes of these decisions will impact consumers, investors, and the economy as a whole.
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