National Storage Mechanism | Additional information

FOR IMMEDIATE RELEASE, 3 December 2021

USS to increase shareholding in Thames Water Utilities Limited

Universities Superannuation Scheme Limited (USS), the sole corporate trustee of one of the UK's largest pension funds, has agreed to acquire an additional 8.77% in Kemble Water Holdings Limited, the ultimate holding company of Thames Water Utilities Limited (Thames Water), from investors Wren House Infrastructure LP. This will take USS's holding to nearly 20% in the company.

USS first became an investor in Thames Water in 2017, attracted by the opportunity to support the long-term investment needs of the business. They are an experienced investor in regulated infrastructure assets, with existing investments in both Heathrow Airport Holdings Limited and NATS in the UK as well as other regulated assets around the world.

Thames Water launched its turnaround plan earlier this year and have a new Executive leadership team in place, with a focus on improving customer service, reducing complaints, investing in its infrastructure, reducing leaks and working towards net zero.

Ian Marchant, Chairman, Thames Water said: "This increase in investment is testament to the company's commitment to develop a long-term strategy to ensure a resilient water and waste service for generations to come. With a new experienced leadership team ready to turnaround the business, we are determined to become a water company our stakeholders, customers and employees can be truly proud of. Being innovative is important to our success and it's something we've been particularly focused on alongside investing in the company's infrastructure, customers, and our responsibility to the natural environment. We look forward to working with USS, alongside our other shareholders, to support the executive team to ensure Thames Water becomes a high performing company."

ENDS

For investor enquiries:

Tom Bolton

[email protected]

For media enquiries:

Suvra Jans

[email protected]

About Thames Water 

Thames Water is the UK's biggest water and wastewater services provider. Our key workers provide essential services around the clock to 15 million customers across London, the Thames Valley and surrounding areas.

For an average of just over £1 a day for our households, we provide 2.6 billion litres of drinking water and safely remove 4.7 billion litres of wastewater every day.

We invested more than £1 billion again in 2020/21, leading to a total of £20 billion in the past 20 years, and we will continue to spend wisely on improving resilience, service and efficiency, as well as provide more support for customers in vulnerable circumstances.

We also have additional responsibilities to society and the natural environment. What we do and how we do it delivers significant public value, which is why we have ambitious plans to self-generate more of our own power, reduce our carbon emissions and increase biodiversity across our sites.