Octopus Energy reportedly enters Thames Water equity bid process

(Sharecast News) - 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. 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.