A sea of uncertainty continues to surround Thames Water, England’s largest water and wastewater treatment company, as new leadership takes the helm of the debt-laden public utility.

Only time will tell if new CEO Chris Weston, the former CEO at Aggreko and at an executive at British Gas, can turn business performance around — as he has committed to do. But if recent headlines are to be heeded, Weston may be stepping into hot water.

Thames Water serves around 16 million customers across London and the Thames Valley, supplying 2.6 billion liters of clean drinking water daily and treating 4.6 billion liters of sewage. Yet, as of late, Britain’s largest privatized water company has earned a reputation as one of the most highly indebted English water companies in the industry.

Indeed, Thames is shouldering a debt mountain of £18.3 billion ($23 billion) as of March 31, 2023, up from £15.4 billion ($20 billion) the year prior, according to Financial Times.