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But companies realize, despite operating under this relatively tight regulatory framework,

that they could increase their returns by borrowing more.

And the reason for that is that the regulator sets a required return for water companies,

and when it's setting that return, it assumes a certain level of debt in the balance sheet.

And the companies realised, well, hang on, if the regulator assumes that we have X amount of debt,

if we actually have twice as much as that, or one and a half times as much as that,

then that means that our equity returns will be higher because essentially they were arbitraging the pricing model of the regulators.

The UK's Thames Water was teetering on the verge of administration before it was rescued by its existing investors.

But his challenges are far from solved and are the focus of this week's Viewsroom.

Welcome back to the Views Room, a podcast from Reuters' Breaking Views or columnists from around the world talk about the big stories of the week. I'm your host, Amy Dunlin.

One of Britain's largest water companies has sprung a leak. Fears have been mounting in recent weeks that Thames Water would plunge into administration as its deaths spiraled.

Britain is an unusual situation in that its water utilities are privately owned,

a kind of controversial arrangement that may have a limited shelf life.

Here to talk to me about this crisis in British water is Neil Unmac, our debt expert.

Neil, you are very welcome back to the views room.

Thank you, Amy. Thank you.

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