The initial proposed level of investment was more than double the level of investment being made in the current AMP7 2020-25 regulatory period.
Thames Water stated that since last October, it extensively discussed its PR24 plan with regulators and stakeholders.
Following this engagement, Thames Water announced an update to its PR24 plan, showing a £1.1 billion increase in AMP8 expenditure to £19.8 billion, directed towards environmental projects.
However, it added that as well as allowing it to deliver more environmental projects, “a rebalancing of operating and capital expenditures means there is no resulting increase in projected customer bills, which are estimated on average to be £608 by 2030.”
In addition, Thames said it will continue to look for opportunities to deliver more investment in AMP8 and has proposed that a further £1.9 billion of potential investment is placed into a "Deliverability Assessment Mechanism". If was to invest the full £1.9 billion in AMP8, then annual average customer bills would increase further by £19 over that period.
Commenting on the revised plan, Chris Weston, CEO of Thames Water, said:
"Our business plan focuses on our customers' priorities. As part of the usual ongoing discussions relating to PR24, we've now updated it to deliver more projects that will benefit the environment. We will continue to discuss this with our regulators and stakeholders."
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