Our five-year plan from 2025 to 2030

Every five years, we as a business go through a process called the price review (PR). During this, we formulate our plans for the next five years. A limit is set for customer bills during that period, approved by our regulator Ofwat.

PR24 covers the regulatory period for 2025 to 2030. Ofwat's decision on our plans is called the Final Determination.  

We've set ourselves a tough challenge. Our ambition is a world where we've learnt from the past and adapted to the future. This will improve our service for you and the world around you.

Deferring our referral to the CMA

We have agreed with Ofwat, our regulator, that Ofwat will defer our appeal of their Final Determination to the Competition & Markets Authority (CMA) for 18 weeks from 18 March. 

Over the last few weeks, following conversations with Ofwat, we are hopeful of unlocking a market led solution for the recapitalisation of Thames Water, including through an equity raise, without the need for a referral to the CMA. 

This deferral is not a withdrawal of the request for the reference and Thames Water remains of the view that the Final Determination does not serve the interests of our customers, communities and the environment.

The challenges of our Final Determination

We’ve engaged with Ofwat to seek to secure a Final Determination that reflects our current position and supports our turnaround. While there has been progress, after a thorough review, it is clear that there remain significant gaps between the Final Determination and what we need to deliver for customers and the environment.

In our referral to the CMA, we are seeking:  

• A regulatory settlement that reflects the circumstances of Thames Water’s operating area
• Targets that are challenging but achievable 
• An appropriate balance of risk and return  

There will be no delay to the delivery of our plans for year one of AMP8 as a result of this referral. Customer bills for 2025-26 will be unaffected.

Full details of our statement of case will be provided to the CMA in due course, in line with the process timetable.

Draft determination response

View our response to the draft determination:

Previous updates

View previous updates to our business plans.