Image description: The Thames at night with the landmark Shard illuminated on the left. Image by Phil Reid on Unsplash.

Sky News reported that the group of lenders which are in pole position to own Thames Water and keep it out of government ownership “are to pledge to the industry regulator [Ofwat] that they will not offload the company before the end of the decade.”

The 2030 timeline is significant as it coincides with the date when the next Asset Management Plan (AMP9) is due to come into effect. The pledge will form part of a package to be submitted to Ofwat by the Class A creditors as soon as this week.

It has also been suggested that the creditor group (London & Valley Water, which includes firms such as Aberdeen Investments, Elliott, PIMCO and Silverpoint Capital) will also commit to not paying a dividend to shareholders for the length of the transformation plan or its return to the stock market, according to an executive at one of the participating funds.

Sky also reports Rachel Reeves, the chancellor, has since said privately that the Treasury’s preference is for a private sector rescue of Thames Water.

With more than 16 million customers, accounting for more than a quarter of Britain’s population Thames Water is Britain’s largest water company.