International Public Partnerships Tideway's relationship with Thames Water (3812E)
29 Juin 2023 - 11:10AM
UK Regulatory
TIDMINPP
RNS Number : 3812E
International Public Partnerships
29 June 2023
CLARIFICATION ON TIDEWAY'S RELATIONSHIP WITH THAMES WATER
29 June 2023
International Public Partnerships Limited, the listed
infrastructure investment company ('INPP' or 'the Company'), notes
recent news flow about the financial position of Thames
Water[1].
In order to provide clarity to INPP's investors in respect of
INPP's investment into Tideway, the 25km Super Sewer being built
under the River Thames in London, the Company notes that Tideway is
a completely separate company to Thames Water.
Whilst Thames Water does possess a licence requirement to
collect Tideway's revenues from its customers and pass those
amounts to Tideway , statutory and regulatory protections are
provided in the event that Thames Water encounters difficulties,
including:
-- The water industry's special administration regime ("SAR"):
The SAR would apply to Thames Water in the event that Thames Water
encounters financial difficulties or is unable to fulfil its legal
obligations. The purpose of the SAR would be to transfer Thames
Water's business as a going concern and to carry out the functions
of Thames Water in the interim. The SAR is designed to ensure
customers are protected in the event that a water company fails and
should also mitigate the risk of disruption to the collection of
Tideway's revenues. The Company notes that this is a tried and
tested regime in other regulatory sectors.
-- Revenue recovery: Tideway is entitled to recover any revenue shortfall in subsequent periods.
-- Direct charging: Whilst considered unlikely to be utilised,
Tideway does benefit from a mechanism through which Tideway could,
if required, charge certain customers directly for Tideway usage
.
ENDS.
For further information:
Erica Sibree
Amber Fund Management Limited +44 (0) 7557 676 499
Hugh Jonathan
Numis Securities +44 (0)20 7260 1263
Ed Berry/Mitch Barltrop +44 (0) 7703 330 199 / (0)
FTI Consulting 7807 296 032
About International Public Partnerships:
INPP is a listed infrastructure investment company that invests
in global public infrastructure projects and businesses, which
meets societal and environmental needs, both now, and into the
future.
INPP is a responsible, long-term investor in over 140
infrastructure projects and businesses. The portfolio consists of
utility and transmission, transport, education, health, justice and
digital infrastructure projects and businesses, in the UK, Europe,
Australia, New Zealand and North America. INPP seeks to provide its
shareholders with both a long-term yield and capital growth.
Amber Infrastructure Group ('Amber') is the Investment Adviser
to INPP and consists of approximately 180 staff who are responsible
for the management of, advice on and origination of infrastructure
investments.
[1] The Company provides no comment on the financial standing of
Thames Water, only on its interface with Thames Water through
INPP's investment in Tideway.
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END
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