It said consumers should not "bear the burden of water company mismanagement".
The firm, which supplies a quarter of the UK population, has faced heavy criticism over sewage discharges and leaks and is under pressure to improve services. He said Thames had until the "early part of next year" to find the money and currently had £4.2bn cash reserves.An Ofwat spokesperson later told the BBC that there are no similarities with the collapse of Bulb - the energy company which went under last year costing the taxpayer millions.
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