Special administration would put the utility under temporary public control.
Market resolves to YES if Thames Water Utilities Limited (or its holding company Thames Water Limited) is placed into special administration under the Water Industry Act special administration regime before 1 January 2027. A restructuring deal, equity injection, or mutualisation that does not use the special administration regime resolves NO. Resolution is based on a High Court order, Ofwat/Defra notice, or official government announcement. Source: gov.uk / Ofwat / Companies House filings.