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Thames Water has said it will appeal to the UK’s competition regulator to ask to raise bills even higher than previously granted, a in a move likely to prove controversial with politicians and campaigners.

The water company, which serves 16m customers in London and southeast England, said its board had made a unanimous decision to appeal to the Competition and Markets Authority (CMA).

Water bills in England and Wales will rise by 36% on average over the next five years. England and Wales water regulator Ofwat allowed Thames to raise them by 35%. However, the company had asked for a 59% increase.

Thames Water is on the verge of financial collapse. It is awaiting a court judgment on a £3bn debt deal that will allow existing creditors to add to its debt pile of about £19bn. The judgment could come as soon as today, although it is expected early next week.

The company has said that without the cash it will collapse on 24 March.

In a statement to markets on Friday morning, it said the board had concluded that “the final determination for the regulatory period 2025 to 2030 does not appropriately support the investment and improvement that is required for Thames Water to deliver for its customers, communities and the environment for the next five years.”

The company is also being investigated by the water regulator for England and Wales, Ofwat, after delaying environmental improvement schemes.

The chairman of Thames Water, Adrian Montague said:

We have taken the decision to refer our final determination to the Competition and Markets Authority in the interests of our customers and the environment. We are focused on putting the business on a long-term stable footing so we can succeed in our turnaround, and build and maintain an infrastructure that supports growth and can withstand the effects of climate change.

We put forward a realistic business plan for 2025-2030 that addressed our customers’ and stakeholders’ priorities such as providing safe and resilient water supplies and improving performance. After careful consideration, our analysis shows that our final determination for the next regulatory period will continue to impact our ability to fund the improvements our customers and the environment so rightly want and deserve.

The agenda

• 10am GMT: Eurozone GDP growth second estimate (fourth quarter; previous: 0.2%; consensus: 0.1%)

• 1:30pm GMT: US retail sales growth (January; prev.: 0.4% month-on-month; cons.: -0.1%)