Severn Trent to invest a record £12.9bn to transform service
Severn Trent has today announced it is investing £12.9 billion in its water and sewage network, as part of ambitious plans submitted to water regulator Ofwat, whilst keeping bills affordable and good value for customers.
The multibillion-pound programme is set to create 7,000 new jobs between 2025 and 2030, which will have a positive lasting impact for decades to come. It also means that for every household, Severn Trent will invest £2,400 back into the region, transforming the way more than four million customers are served across the Midlands.
The major announcement comes after 68,000 customers helped to shape the plan so that it delivers the outcomes its customers care about most - it will guarantee a secure water supply for generations to come; storm overflows will cause no harm to rivers and customers will receive sector leading service, with a promise that customers won’t pay for anything twice.
Severn Trent says investment in the water system is essential to ensure the security of water supply in the future and will deliver significant improvements in the region’s water and sewerage system.
The plan is underpinned by a £550m financial support package, which means financial support for around 700,000 people to help pay their bill - more customers than ever before - and around one in seven customers in the region.
Liv Garfield, CEO at Severn Trent, unveiled the £12.9bn investment plans and said: “By 2030 we will have transformed our network to continue to provide our customers with the best service that can be relied on. At the heart of this ambition is a commitment to ensure a sustainable future – from healthy rivers, to providing jobs of thousands, less leaks and a water supply to deal with the impacts of climate change and population growth whilst making sure that no customer ever worries about affording their water bill.
“We’ve listened hard to our customers; not only will we make sure we keep building on our strong sector leading track record, but we’ll be more than a water company. This investment will make sure we have a positive economic, environmental and social impact for decades to come for the communities we serve.’’
The plans submitted today to Ofwat will now be reviewed, and final business plans for 2025-2030 will be confirmed in April 2024.
