The company -- mired by financial troubles -- warned this week that it would run out of cash by the end of March without new financing.
It has proposed a 59 percent increase in bills over the next five years to finance what it says are "much needed" investments.
That's a far cry from water regulator Ofwat's proposal earlier this year of capping water bill hikes at 23 percent over the next five years and imposing spending limits.
Ofwat will make its final decision on price increases on Thursday.
Thames Water, which serves around 16 million homes and businesses in London and elsewhere in southern England, has been riddled with debt and has faced fines and criticism over failures to plug raw sewage discharges in rivers.
The company has a debt plan of �3 billion ($3.8 billion) from its creditors, which awaits approval by a formal vote before it can be rubber-stamped by the courts in February.
The plan, which will add to the �16 billion debt pile that the company has accumulated since its privatisation in 1989, is only a temporary solution.
At a hearing in London on Tuesday, judge William Trower, in charge of the case, described it as "a bridge (in) funding pending a more substantial restructuring".
- Buyout offers -
Ofwat's decision on Thursday will be crucial to the company's funding options in the coming years and signal its potential to be bought out.
The company, owned by a consortium of shareholders including Canada's Ontario Municipal Employees Retirement System and the British Universities Superannuation Scheme, has already attracted interest from buyers.
Infrastructure investor Covalis Capital proposed an upfront buyout offer of �1 billion, with the potential to bring in French utility giant Suez.
Although Thames Water has warned that Ofwat's proposed spending cuts would make it harder to attract investors.
The company's precarious financial situation has fuelled speculation about the need for a potentially costly public bailout if it fails to find the private financing it needs.
A bailout would be a blow to the Labour government which already faces tight public finances.
- Bonuses and dividends -
Thames Water, along with other British water companies, has also come under fire for several years for allowing large quantities of raw sewage to be discharged into rivers and the sea, due to under-investment in infrastructure that largely dates back to the 19th century.
It has reported a 40 percent increase in total pollution discharged into the natural environment for the six months to the end of September, blaming a "record rainfall".
Adding to its troubles, its shareholders have regularly been accused of using debt to pay themselves generous dividends at the expense of necessary investment.
Earlier this month, the company decided to increase bonuses to its directors.
Following an angry reaction by customers and environmentalists, the government promised on Tuesday that water companies would be forced to pay higher compensation for service failures.
A motion has also been put forward in parliament to prohibit bonuses being paid to bosses of failing companies.
In its last earnings, Thames Water reported a loss of �190 million for the six months to the end of September, although its turnover increased 10 percent, thanks to an increase in prices linked to inflation.
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