provide entirely separate retail and wholesale operations for its commercial customers, working through a central market operator. On 14 March 2017, Macquarie Group sold its remaining stake in Thames Water's holding company to OMERS and the Kuwait Investment Authority. Financials In 2021, the financial position of Thames Water can be characterised as follows: Thames Water generates annual revenues of around £2bn. From this revenue, it generates a profit before interest, taxes, depreciation and amortisation (EBITDA) of around £1bn (50%). Such high EBITDA margins are not uncommon for infrastructure businesses, given that they need to re-invest the majority of the EBITDA into the asset base to continue to be able to generate EBITDA. Thames Water has annual capital requirements for investments into its infrastructure of around £800m – £1bn. The cash generation of the operating business (before interest and taxes) is thus around £0m – £200m or 0% – 10% of revenues. The level of capital investment derives from depreciation of around £600m as well as a largely fully depreciated asset base (which means that the level of depreciation does not fully reflect the level of required investments as also some asset have to be invested into that have no annual depreciation anymore). This level of investment does not allow the company to grow or to introduce new technologies. The investment of £800m – £1bn is solely needed to maintain the operations in the status quo. When Thames Water therefore refers to an investment program of this magnitude, this really only means that they maintain the units in the state to be able to run their business. As a consequence of the various buyouts since 2007, Thames Water has piled up debt of around £13bn. Even for infrastructure businesses, the ratio of debt to EBITDA of around 13 is extremely high. The debt consists of a plethora of private and public bonds that are issued by various entities in the corporate structure and which have maturities up until 2060. The annual interest obligations of the debt stand at around £400m or around 40% of EBITDA. This means after capital investments, the business does not generate sufficient cash to fulfil its interest obligations. Since years therefore, Thames Water has continuously issued more bonds in order to be able to service its debt. Also, bonds that have reached their maturity were repaid by the proceeds from issuing new bonds. Thames Water states that