Quilter analyst says UK water nationalization risk persists as Labour lifts public-ownership ban

• Quilter analyst Phil Ross said UK utilities shares ended modestly lower during Andy Burnham’s Labour conference speech as policy uncertainty persisted.
• Burnham confirmed plans to lift the ban on public ownership of water companies, keeping nationalization risk in focus for the sector.
• Ross said state ownership remained a meaningful possibility for Thames Water, with a creditor plan still expected for Ofwat and government review.
• He estimated equity costs plus required capex for a water industry acquisition could exceed GBP 200 billion, straining fiscal headroom.
• Ross said the proposed GB Grid would likely have limited impact, citing roughly GBP 70 billion of planned networks capex by SSE and National Grid.

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