Who gains from saving nature
Ledger 1 : 33 — For each dollar financing nature-based solutions in 2023, about $33 financed activities harmful to nature. (UNEP)
Cases / Water use · United Kingdom · 2012–2026

Thames Tideway Tunnel, London: a 25 km sewer tunnel paid for through customer bills

Nature's voice · report
Tideway page, undated; other figures: £4.5bn (2023), £4,384m (November 2022), £4.2bn (NAO 2017) 4.7 billion pounds sterling were budgeted in my name. No one has measured what reached me.
Did nature suffer? Not measured. Accounts differ ↓
Not on record
  • The record does not name which of my species, waters, soils or forests were harmed.
What the record lacks: 4 none on record · 1 not measured · 4 disputed · 1 unclear See the gaps
Accounts of the harm differ
Results for the river
  • Company or project Thames Water and Tideway (2026): Storm overflow volume down about 86% in 2025; days of elevated health risk down from 75.7% to 10.4%; one dissolved oxygen depletion event in 2025 linked to sewage overflows. Thames Water
  • Communities and civil society Alison Debney, Zoological Society of London (2026): Investment in water treatment infrastructure delivers tangible improvements in water quality, but "there is still work to do". Thames Water

The Thames Tideway Tunnel was built to intercept storm sewage that overflowed into the tidal Thames, after the Court of Justice found the UK in breach of the EU urban waste water directive in 2012. Cost figures stated by sources range from £4.2bn (NAO, 2017) to £4.7bn (Tideway); Thames Water's wastewater customers pay. In October 2026 Thames Water reported a fall of about 86% in modelled storm overflow volume in 2025.

£4.7bn estimateStated cost of the Thames Tideway Tunnel to completion
Tideway's about-us page (undated): "The tunnel will cost £4.7bn to complete." Other figures in the sources reviewed: about £3.5bn (2014 estimate), £4.2bn (NAO, 2017), £4,384m (estimate at completion, November 2022) and £4.5bn (August 2023).

Status As of October 2026: the tunnel has been operational since February 2025 and operation is transferring to Thames Water; Thames Water reported an 86% fall in modelled overflow volume in 2025; no independent verification is on record.

What?
A 25 km sewer tunnel from west to east London that intercepts storm sewage that would otherwise overflow into the tidal River Thames. National Audit Office
Where?
London, along the tidal River Thames. National Audit Office
When?
Court of Justice ruling 18 October 2012; NAO review 2 March 2017; first connection August 2024; fully operational February 2025; benefits report 13 October 2026. Thames Water
Who?
Gained
  • Tideway and its owners — Finance, build, maintain and operate the tunnel; owners named as Allianz, Amber Infrastructure and Dalmore Capital Tideway
  • Households in and outside Thames Water's area — About 60 per cent of estimated annual benefits go to households outside Thames Water's service area (NAO) National Audit Office
Lost
  • Thames Water's wastewater customers — Pay through their bills; the NAO recorded £13 a year added in 2016-17 and a forecast peak of £20 to £25 National Audit Office
Harmed
None on record
Why?
To reduce sewage overflows into the Thames, in response to the 1991 EU directive on urban waste water and the 2012 breach finding. National Audit Office
How?
A regulated company owned by investors builds and owns the tunnel and collects a charge through Thames Water's wastewater bills; a government contingent support package covers specified risks. Tideway
6 of 6 questions answered from the record

What happened

The record, in order.

The Thames Tideway Tunnel is a 25 km sewer tunnel running west to east under London, built to reduce sewage overflows into the tidal River Thames. The National Audit Office (NAO) wrote in March 2017 that "A 1991 EU Directive required the UK to protect the environment from waste water discharges" and that the UK was found in breach in 2012. On 18 October 2012 the Court of Justice of the European Union (First Chamber) declared in case C-301/10, Commission v United Kingdom, that the UK "has failed to fulfil its obligations under that directive", in respect of the collecting systems at Beckton and Crossness (London) and the treatment of waste water at Beckton, Crossness and Mogden, among other sites. The InforMEA summary of the judgment does not name the Tideway Tunnel.

The NAO's review (2 March 2017) put the current estimate at £4.2 billion. It recorded that tunnel costs added £13 a year to the average Thames Water household bill in 2016-17 and that the company forecast a peak of £20 to £25 by the early 2020s; the Department for Environment, Food and Rural Affairs forecast benefits of 1.8 to 3.1 times the costs, with a warning that the estimates are uncertain; and about 60 per cent of estimated annual benefits go to households outside Thames Water's service area although only its customers pay. A government contingent support package, which transfers liability to the taxpayer if certain risks materialise, had a £6.6 billion "reasonable worst case". The NAO found that agreeing standards took from 2000 to 2010, that Thames Water's analysis of alternatives was less detailed and its costings were not independently checked, that the Environment Agency could not show it had sufficiently understood the impact of uncertainty in the models, and that refinements after 2007 suggested a smaller tunnel could still meet the target at an estimated saving of £646 million. It concluded that "it is still too early to form a value for money conclusion".

Cost figures changed over time. Construction Wave reported in August 2023 that the original 2014 estimate was "around £3.5 billion" and that the final cost was £4.5 billion, revised in April 2023 for the remaining works programme and inflation. The Construction Index reported in November 2022 an estimate at completion of £4,384 million, up £96 million (2%) in six months, the main cause being "inflation". Tideway's about-us page states "The tunnel will cost £4.7bn to complete", that household bills will rise by "no more than £25 per year" before inflation, that the cost is "paid for by Thames Water's 15 million wastewater customers through their bills" and that Thames Water also directly funds £1.1 billion of the construction cost; it names Allianz, Amber Infrastructure and Dalmore Capital as owners. In June 2026 Tideway said the bill cost remained within £20-£25 (2014/15 prices) and its chair, Michael Queen, said the project was "largely on time and on budget"; no total project cost was stated in that release.

Tideway's home page states that the tunnel "was fully connected and operational in February, 2025". Tideway's June 2026 annual report release said more than 20 million tonnes of storm sewage had been intercepted since the first connection in August 2024, that the 25 km system adds more than 1.5 billion litres of storage and that 12 of 13 public spaces were open. On 13 October 2026 Thames Water published the first Tideway benefits report, covering 2025: storm overflow volume just under 3 million cubic metres against a pre-Tideway average of more than 21 million cubic metres (about 86% lower), days of elevated health risk linked to overflows down from 75.7% to 10.4%, and sewage-related items on the foreshore down from 30% to 18% of litter in Thames21 monitoring. The page states that the 86% figure is based on modelled volumes, not measured discharges, that 2025 was unusually dry and that the report covers one year during commissioning. Alison Debney of the Zoological Society of London said "there is still work to do".

  1. 2012Court of Justice declares the UK in breach of the urban waste water treatment directive in Commission v United Kingdom, C-301/10 (18 October)
  2. 2014Original project estimate of around £3.5 billion
  3. 2017NAO review: current estimate £4.2 billion; too early for a value for money conclusion (2 March)
  4. 2022Estimate at completion £4,384 million (six months to 30 September)
  5. 2023Final cost reported as £4.5 billion after an April revision (August)
  6. 2024First connection to the tunnel (August)
  7. 2025Tunnel fully connected and operational (February)
  8. 2026Tideway annual report (11 June); Thames Water publishes the first Tideway benefits report, 86% lower modelled overflow volume in 2025 (13 October)

What was said

Claims, in the words of those who made them.

“it is still too early to form a value for money conclusion”

“the United Kingdom has failed to fulfil its obligations under that directive”

Court of Justice of the European Union (operative part, as summarised by InforMEA) · 18 October 2012 · InforMEA judicial portal

“largely on time and on budget”

Michael Queen, chair of Tideway · 11 June 2026 · Tideway

“This report shows that the Thames Tideway Tunnel is already delivering real benefits for the River Thames.”

Tess Fayers, Thames Water Director of Waste and Bioresources · 13 October 2026 · Thames Water

“there is still work to do”

Alison Debney, Zoological Society of London · 13 October 2026 · Thames Water

Where accounts differ

Each party's account, side by side, with its source. The record does not settle these points; it shows them.

The cost of the tunnel
Government and regulators
National Audit Office (2017)

Current estimate £4.2 billion.

National Audit Office
Company or project
Tideway (trade press, 2022 and 2023)

Estimate at completion £4,384 million in November 2022; final cost £4.5 billion in August 2023; original 2014 estimate around £3.5 billion.

Construction Wave
Company or project
Tideway (about-us page, undated)

"The tunnel will cost £4.7bn to complete."

Tideway
Who pays and who benefits
Government and regulators
National Audit Office (2017)

Thames Water customers pay the construction costs although about 60 per cent of estimated annual benefits accrue to households outside its service area.

National Audit Office
Company or project
Tideway

The cost is paid for by Thames Water's 15 million wastewater customers through their bills.

Tideway
Results for the river
Company or project
Thames Water and Tideway (2026)

Storm overflow volume down about 86% in 2025; days of elevated health risk down from 75.7% to 10.4%; one dissolved oxygen depletion event in 2025 linked to sewage overflows.

Thames Water
Communities and civil society
Alison Debney, Zoological Society of London (2026)

Investment in water treatment infrastructure delivers tangible improvements in water quality, but "there is still work to do".

Thames Water

How it looked

What was shown, beside what was recorded.

Shown

  • London's super sewer described as "now protecting the river from pollution".
    Tideway · Tideway
  • First-year results presented as a fall of about 86% in storm overflow volume to the tidal Thames, from a pre-Tideway average of more than 21 million cubic metres to just under 3 million.
    Thames Water and Tideway · Thames Water

Recorded

  • NAO (2017): £4.2 billion current estimate; Thames Water customers pay while about 60 per cent of estimated annual benefits go to households outside its service area; £6.6 billion reasonable worst case for taxpayer support.
  • Court of Justice (2012): the UK failed to fulfil obligations under Directive 91/271/EEC at Beckton, Crossness and Mogden and in the collecting systems at Beckton and Crossness.
  • Cost figures over time: about £3.5bn (2014), £4.2bn (2017), £4,384m (November 2022), £4.5bn (2023), £4.7bn (Tideway page).
  • Thames Water (2026): modelled storm overflow volume in 2025 just under 3 million cubic metres against a pre-Tideway average of more than 21 million; one year, unusually dry, commissioning period.
  • No source reviewed gives an independent (Environment Agency or other) verification of the 2025 results or a total project outturn cost from Tideway's accounts.

In nature's name

What was promised in nature's name, the money that moved, and what was measured.

Promised

  • “London's super sewer is now protecting the river from pollution.” — Tideway (home page) (October 2026) Tideway
  • “This report shows that the Thames Tideway Tunnel is already delivering real benefits for the River Thames.” — Tess Fayers, Thames Water Director of Waste and Bioresources (13 October 2026) Thames Water

Money moved in nature's name

WhatKindAmountPeriod
Stated cost of the tunnel to completion
Tideway; paid by Thames Water's wastewater customers
Tideway
Budget£4.7bn estimateto completion
Reported final cost of the tunnel
Tideway
Construction Wave
Budget£4.5bn estimateAugust 2023
Estimate at completion
Tideway
The Construction Index
Budget£4.4bn estimatesix months to 30 September 2022
NAO current estimate for the tunnel
National Audit Office
National Audit Office
Budget£4.2bn estimate2017
Original project estimate
Tideway
Construction Wave
Budget£3.5bn estimate2014
Construction cost funded directly by Thames Water
Thames Water
Tideway
Budget£1.1bnnot stated

What was measured

Not measured

The results on record are Thames Water's and Tideway's own: a fall of about 86% in storm overflow volume in 2025, which the page states is based on modelled volumes rather than measured discharges, covers one unusually dry year during commissioning and is reported by a company with a stake in the result. The foreshore litter share (30% to 18%) is from Thames21 monitoring as reported by Thames Water. No independent measurement or regulator verification of benefit to the river was found.

Storm overflow volume to the tidal Thames
Just under 3 million m³ in 2025, from a pre-Tideway average of more than 21 million m³
Thames Water and Tideway; modelled; one dry year during commissioning Thames Water
Days of elevated health risk linked to overflows
10.4% (from 75.7%)
Thames Water and Tideway first benefits report Thames Water
Sewage-related items in foreshore litter
18% in 2025 (from 30%)
Thames21 monitoring, as reported by Thames Water Thames Water

Operation Ongoing · Fully connected and operational in February 2025; operation transferring to Thames Water. Tideway

Findings on record

  • Court or regulator ruling Court of Justice of the European Union (First Chamber) (2012-10-18) · Commission v United Kingdom, C-301/10: “the United Kingdom has failed to fulfil its obligations under that directive” InforMEA judicial portal
  • Official audit National Audit Office (2017-03-02) · Review of the Thames Tideway Tunnel: “it is still too early to form a value for money conclusion” National Audit Office

Who gained

Money that reached nature, beside money that stayed elsewhere.

Reached nature or the ground

Not published
No figure published.

Gained elsewhere

Not totalled
Currency: GBP · Window: Mixed — see each line. Figures cover different periods and are not compared as a ratio. * Estimate built from cited figures.

Responses on record

  • Tideway (11 June 2026): Said the tunnel is protecting the river from pollution, that bill costs remain within the £20-£25 range (2014/15 prices) and, through its chair, that the project was largely on time and on budget. · Tideway
  • Thames Water (13 October 2026): Said the first Tideway benefits report shows the tunnel is already delivering real benefits for the River Thames; reported an 86% fall in modelled storm overflow volume in 2025. · Thames Water
  • Ofwat: No statement from Ofwat appears in the sources opened.

In court and with insurers

Every proceeding and every insurer decision on record.

Lawsuits and rulings

  1. 2012Claimant won
    Commission v United Kingdom (C-301/10), urban waste water treatment
    Court of Justice of the European Union (First Chamber) · International court · European Commission → United Kingdom of Great Britain and Northern Ireland

    On 18 October 2012 the Court declared that the United Kingdom failed to fulfil its obligations under Directive 91/271/EEC on urban waste water treatment, concerning the collecting system at Whitburn (Sunderland), the collecting systems at Beckton and Crossness (London) and the treatment of waste water at Beckton, Crossness and Mogden, and ordered the United Kingdom to pay costs. The NAO linked the Tideway Tunnel to the directive and to the 2012 breach finding. InforMEA judicial portal

Insurers

No insurer decision on record.

What nature saw

Outcomes measured on the ground, and nature's note.

Nature's report opens this page. Below: further outcomes measured on the ground.

Storm overflow volume to the tidal Thames, 2025
Just under 3 million m³ (about 86% lower)
Thames Water and Tideway; against a pre-Tideway average of more than 21 million m³; modelled, one dry year
Days of elevated health risk linked to overflows
10.4% (from 75.7%)
Thames Water and Tideway first benefits report
Sewage-related items in foreshore litter
18% (from 30%)
Thames21 monitoring as reported by Thames Water
Storm sewage intercepted since August 2024
More than 20 million tonnes
Tideway, June 2026

What we don't know

Undisclosed, unproven, untried: recorded as data.

Nature

  • Not measured Harm to nature: The record holds no measurement of harm to nature.
  • Disputed Results for the river

Accounts

Record

  • None on record None on record: independent verification of the 2025 results. The 86% figure is from Thames Water and Tideway, is based on modelled volumes rather than measured discharges, and covers one unusually dry year during commissioning.
  • None on record None on record: a total project outturn cost from Tideway's accounts. The sources reviewed give about £3.5bn (2014), £4.2bn (NAO 2017), £4,384m (November 2022), £4.5bn (2023) and £4.7bn (Tideway page, undated) without reconciling them.
  • None on record None on record: an NAO report after 2017; the NAO wrote then that it was too early for a value for money conclusion.
  • Disputed Disputed: the cost. Figures stated by NAO, the trade press and Tideway differ by date and basis.
  • Unclear Unclear: how the 2012 Court of Justice ruling relates to this project. The NAO links the project to the 1991 directive and the 2012 breach finding; the judgment summary read does not name the Tideway Tunnel.
  • None on record None on record: Ofwat's own findings on the tunnel's cost to customers in the sources opened.

Did the harm stop?

The sources reviewed report a fall in modelled storm overflow volume to the tidal Thames in 2025, but they do not report that sewage discharges to the river have stopped; Thames Water's report covers one year during commissioning, and ZSL said there is still work to do.

Who paid?

Thames Water's wastewater customers through their bills, according to Tideway and the NAO. The NAO recorded £13 a year added to the average household bill in 2016-17 with a forecast peak of £20 to £25; Tideway states the cost remains within £20-£25 (2014/15 prices). The NAO also recorded a government contingent support package with a £6.6 billion reasonable worst case.

Sources

Voices on record: ✓ Company or project✓ Government and regulators✓ Courts✓ Press and investigations— Communities and civil society— Researchers

Government and regulators

  1. Review of the Thames Tideway Tunnel (press release)
    National Audit Office · 2017-03-02

Press and investigations

  1. Thames Tideway supersewer 83% complete
    The Construction Index · 2022-11-30

Connected cases

Related matters, and cases linked to this one through the same organisations, with the role each played in both.

Insurance

Reinsurance
Insurance bought by insurers to pass part of their own risk to other companies.

Carbon and conservation finance

Standard-setter and registry
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