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Thames Water

Thames Water

Key Information

Investment Date 2017
Divestment Date 2021
Geography United Kingdom
Sector Natural Systems

Thames Water is the largest provider of water and sewerage services in the UK, supplying over 2.6 billion litres of drinking water per day to 9 million customers and collecting 4.6 billion litres of sewage per day for 15 million customers.

Market trends and drivers underpinning the company’s success

Thames Water’s growth trajectory was underpinned by resource shortfalls tied to market trends of population and household growth, infrastructure replacement and asset health improvement needs, changing weather patterns a well as regulatory and environmental drivers.

What we like about Thames Water

Thames Water provided the opportunity to invest in one of the most mature regulatory sectors globally in a stable economy. The company is a natural monopoly with a long-dated asset base, underpinned by a 25-year rolling licence and operating within a transparent and stable regulatory framework.

Thames Water under Wren House ownership

During Wren House’s involvement, as a member of the operating company and working together with our co-shareholder Universities Superannuation Scheme (USS), we contributed to strengthening of the management team through appointment of a new CEO and resultant strengthening of the executive team and implementation of a multi-Asset Management Plan approach to the business planning process. During our ownership, we worked with the management to ensure a case was made for additional conditional allowances on the back of a challenging regulatory settlement by raising awareness of the need for increased investment in the network. This drove improved productivity through a long-term sustainable cost efficiency programme ahead of the next regulatory period and improved use of data and analytics. Together with the group of like-minded co-shareholders, we rigorously focused on financial discipline and enhancement of overall governance.

Societal Contribution

No Poverty
Clean water and sanitation
Sustainable cities and communities