Thames Water’s “blatant and greedy” attempts to rake in more cash from the public have been slammed by campaigners.
The water company launched a bid to charge its customers more over the next five years than the industry regulator will allow.
Britain’s biggest household supplier, which is fighting for survival as it grapples with a £19billion debt pile, had sought a 53% hike to bills from 2025-30.
Industry regulator Ofwat has capped bill rises for the firm at 35% over the next five years.
Thames Water has now urged the competition regulator to overturn the decision from the water regulator.
Cat Hobbs, director of We Own It, said: “This appeal is a blatantly greedy and desperate bid from Thames Water to rake in even more cash from the public as it drowns in its own debt. The company is a joke, but the joke is at our expense.
“The Government must immediately bring Thames Water into special administration and permanent public ownership. That is the only way it will work for households and the environment. Blair’s government stood up for the public interest when Railtrack went bust – it’s time for this Labour Government to wake up and do the same.”
It is understood the company’s customer bills will rise from April in line with Ofwat’s curbs until the appeals process with the Competition and Markets Authority (CMA) is completed.
That is expected to take months.
It means the average annual bill for its 16million households will rise to £639.
Thames Water, which is in severe financial difficulties already, is also waiting to find out whether the courts will approve a £3billion rescue from investors.
Thames Water and other suppliers have until next week to launch an appeal process with the CMA.
Thames Water chairman Sir Adrian Montague said bigger bill rises would allow the company to provide “safe and resilient” water supplies that could cope with the impact of climate change.
In a statement, the company said: “The board of the UK’s largest water and wastewater services company made this unanimous decision after concluding that the final determination for the regulatory period 2025-30 does not appropriately support the investment and improvement that is required for Thames Water to deliver for its customers, communities and the environment for the next five years.”