Octopus Energy reportedly enters Thames Water equity bid process.
Octopus Energy, Britain's largest residential gas and electricity provider, has reportedly entered into an agreement that will see it manage the customers of debt-laden water supplier Thames Water.
Source: Sharecast
According to Sky News, Octopus Energy Group's technology arm, Kraken, is to partner with Covalis Capital and Suez as part of a deal to inject £1bn of equity into Thames Water.
The consortium is thought to be among a number of parties that have expressed interest in helping the water supplier raise £3bn in fresh equity as it attempts to fend off temporary nationalisation.
Thames Water, which has £19bn in debt, is awaiting court approval of an emergency rescue plan to avoid running out of cash by the end of March.
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