Publication of a Prospectus and Project Update
Bazalgette Finance PLC
25 September 2026
25 September 2026
Bazalgette Finance plc
PUBLICATION OF PROSPECTUS AND PROJECT UPDATE
The following prospectus has been approved by the Financial Conduct Authority and is available for viewing:
A prospectus dated 25 September 2026 (the "Prospectus") relating to the update of the £10,000,000,000 multicurrency programme for the issuance of bonds, under which Bazalgette Finance plc (the "Company") is the programme issuer.
A copy of the Prospectus has also been submitted to the National Storage Mechanism and is available for inspection at:
http://www.rns-pdf.londonstockexchange.com/rns/4082W_1-2026-9-25.pdf
In connection with the publication of the Prospectus, the Company also provides the following update on progress by Bazalgette Tunnel Limited ("Tideway"), the operating company responsible for delivering the Thames Tideway Tunnel (the "TTT") project.
The TTT has been fully connected to the Thames Water sewer network since February 2025 and has operated at full capacity as part of the commissioning process since July 2025. In August 2026, Tideway achieved Handover, a significant milestone marking the commencement of the System Acceptance phase and the transfer to Thames Water of responsibility for operating the TTT.
As previously disclosed, prolonged periods of dry weather and reduced inflows following the connection of the tunnel to the Thames Water network in February 2025 constrained Tideway's ability to complete certain required commissioning and testing activities. As a result, System Acceptance is expected to occur between February 2028 and August 2028, depending on when the applicable acceptance criteria are satisfied.
Tideway and Ofwat recognise that the revised expected timing of System Acceptance extends beyond the current Planned System Acceptance Date ("PSAD") of 31 August 2027. Ofwat has confirmed that it does not intend to impose financial penalties in respect of the weather-related delay. Discussions are ongoing regarding potential amendments to the regulatory framework to reflect the revised timetable, including an amendment to the PSAD and an increase to funding.
The Company's revised cost estimate as at 31 August 2026 remains £4.7bn.
Separately, as at 15 August 2026, the TTT had diverted more than 21 million cubic metres of sewage from the River Thames.
For further information, please contact:
Investor relations: investor.relations@tideway.london
Media enquiries: press@tideway.london
Taylor Geall
07813 450 682
Bazalgette Finance plc Part Level 7, Riverside House, 2A Southwark Bridge Road, London, SE1 9HA
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