It's a possibility, according to a report by independent investment bank Reynolds Partners. They've been looking at the state of British utilities providers and - after a period of expensive buyouts - discovered a level of debt that could, in the current climate, make unforeseen repair programmes difficult. Here's chief John Reynolds, quoted in yesterday's Observer:

'I think that it is only a matter of time before there is a major shock and we find that a utility can't afford to restore power to homes, hospitals or businesses. At that point the regulator would have to allow bills to rise to pay for the damage, or customers will have to wait longer than they should for normal service to resume, or both.'

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