TIDMSVT
RNS Number : 8096Y
Severn Trent PLC
17 May 2021
Severn Trent Plc
Severn Trent awarded ambitious Green Recovery programme
Severn Trent welcomes Ofwat's announcement that it has received
regulatory endorsement to invest GBP565million (2017/18 prices) in
an ambitious Green Recovery programme to support the UK's green
economic bounceback and create 2,500 new jobs in the Midlands.
The Regulator challenged all water companies to support the UK's
green recovery post-pandemic. Today's announcement provides Severn
Trent with a great opportunity to deliver additional long-term
growth, with new investment over the next four years supporting the
Company's ESG ambitions.
The Company will now be working through the detail of Ofwat's
response to its plans. Once finalised, the Green Recovery will
enable Severn Trent to lead the way in a number of projects, many
of which will be a first for the UK, all of which will involve
additional investment and the creation of new jobs. The projects,
which were praised for being innovative, will benefit both local
communities and the environment, and will be delivered alongside
the Company's existing plans and investment for the region.
The projects will:
-- Increase water supplies with enough water to supply a city
the size of Derby, using low carbon technology;
-- Encourage wild swimming by trialling the creation of two
bathing rivers in stretches of the River Leam and the River
Teme;
-- Accelerate environmental commitments by improving 500
kilometres of river five years earlier than planned; allowing
communities and wildlife to benefit sooner;
-- Create a scale trial using a nature-based approach to reduce
the risk of flooding whilst creating a green environment which will
significantly benefit the town of Mansfield;
-- Help customers to save water by introducing over 150,000 smart meters; and
-- Remove old customer-owned lead pipes in up to 26,000 homes in
two trial areas and using innovative techniques to find and replace
them.
Liv Garfield, Severn Trent Chief Executive, said: "We're really
pleased by Ofwat's endorsement of our ambitious Green Recovery
plans. Whilst we still need to go through the finer details of the
announcement, we're delighted that Ofwat shares our enthusiasm for
this impressive range of proposals, which we believe will benefit
all our customers.
Our communities, and the environment they care about, are at the
heart of what we do. The Green Recovery programme is a key element
in the Government's plans to get the nation back on its feet and
improve the environment.
This investment into our region will see us lead the way by
delivering a number of UK firsts including new, innovative trials
to reduce the risk of flooding, increased water supplies and
transformed stretches of river. What's more, we will also be
creating 2,500 jobs in the Midlands at a time when increasing
employment, and getting people back into work, is vital for our
region.
We'll be accelerating our capital spend to deliver these
impressive plans and to achieve our existing commitments earlier.
Together with our Green Recovery programme, the investments we are
making will play a significant role in providing communities with
the confidence that the Midlands can bounce back better than
before."
Whilst Severn Trent expects no material changes to today's draft
determination, Ofwat is now entering a consultation period until 9
June and plans to issue its final decision in July 2021.
Severn Trent's full proposal can be found here for
reference.
Enquiries
Investors & Analysts
Stuart Howell Severn Trent Plc +44 (0) 770 371 8361
Head of Investor Relations
Selina Soma Severn Trent Plc +44 (0) 7976 938604
Investor Relations Manager
Media
Jonathan Sibun Tulchan Communications +44 (0) 207 353 4200
Press Office Severn Trent Plc +44 (0) 247 771 5640
Cautionary statement regarding forward-looking statements
This document contains statements that are, or may be deemed to
be, 'forward-looking statements' with respect to Severn Trent's
financial condition, results of operations and business and certain
of Severn Trent's plans and objectives with respect to these
items.
Forward-looking statements are sometimes, but not always,
identified by their use of a date in the future or such words as
'anticipates', 'aims', 'due', 'could', 'may', 'will', 'would',
'should', 'expects', 'believes', 'intends', 'plans', 'projects',
'potential', 'reasonably possible', 'targets', 'goal', 'estimates'
or words with a similar meaning, and, in each case, their negative
or other variations or comparable terminology. Any forward-looking
statements in this document are based on Severn Trent's current
expectations and, by their very nature, forward-looking statements
are inherently unpredictable, speculative and involve risk and
uncertainty because they relate to events and depend on
circumstances that may or may not occur in the future.
Forward-looking statements are not guarantees of future
performance and no assurances can be given that the forward-looking
statements in this document will be realised. There are a number of
factors, many of which are beyond Severn Trent's control that could
cause actual results, performance and developments to differ
materially from those expressed or implied by these forward-looking
statements. These factors include, but are not limited to: the
Principal Risks disclosed in our latest Annual Report and Accounts
(which have not been updated since the date of its publication);
changes in the economies and markets in which the group operates;
changes in the regulatory and competition frameworks in which the
group operates; the impact of legal or other proceedings against or
which affect the group; and changes in interest and exchange
rates.
All written or verbal forward-looking statements, made in this
document or made subsequently, which are attributable to Severn
Trent or any other member of the group or persons acting on their
behalf are expressly qualified in their entirety by the factors
referred to above. This document speaks as at the date of
publication. Save as required by applicable laws and regulations,
Severn Trent does not intend to update any forward-looking
statements and does not undertake any obligation to do so. Past
performance of securities of Severn Trent Plc cannot be relied upon
as a guide to the future performance of securities of Severn Trent
Plc.
Nothing in this document should be regarded as a profits
forecast.
This document is not an offer to sell, exchange or transfer any
securities of Severn Trent Plc or any of its subsidiaries and is
not soliciting an offer to purchase, exchange or transfer such
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END
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