"Thames Water's new reservoir in Oxfordshire could cost over three times the original budget, raising the potential total cost to between £5.5 billion and £7.5 billion."
"The estimated construction costs escalated from £2.2 billion to between £5.5 billion and £7.5 billion after further tests were conducted on the ground and waterways."
"About half the reservoir costs will be absorbed by Thames Water's 16 million customers, facing a 35% bill increase over five years."
"Regulators acknowledge that Thames Water cannot effectively reduce leaks or redirect watercourses to address the projected increase of 1 billion litres of water usage daily by 2050."
Thames Water announced that the projected costs for a new reservoir in Oxfordshire have surged from £2.2 billion to between £5.5 billion and £7.5 billion due to updated assessments. This cost escalation may lead to significant increases in water bills for its 16 million customers in London and the south-east, who already face a 35% hike over the next five years. The government plans to build nine major reservoirs to meet the rising water demand, estimating an extra 1 billion litres of water needed daily by 2050, yet regulators view that Thames Water cannot reduce leaks to handle this demand.
Read at www.theguardian.com
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