Severn Trent Water Draft Determination for AMP7

RNS Number : 9506V

Severn Trent PLC

11 April 2019

 

11 April 2019

Severn Trent Water receives Draft Determination for AMP7

Severn Trent Water Draft Determination

This morning we are pleased to have received our Draft Determination from Ofwat which confirmed our fast-track status for the business plan period 2020 to 2025.

The highlights of our plan include:

·      Our commitment to becoming the most socially purposeful company in the sector;

·      A bill reduction of c.5%, providing our customers the lowest bills in England for another five years;

·      A broad set of performance commitments that will deliver more for our customers and the environment;

·      Investment of £6.4 billion across the period contributing to real RCV growth of 3.4%;

·      Approval of £156 million of additional investment through our innovative real options mechanism.

We will respond to Ofwat by 24 May 2019 and look forward to continued constructive dialogue until the Final Determination on 11 December 2019.

Updated data tables have been made available on our website. See: www.stwater.co.uk/regulatory-library/2020-2025-submission-documents/ 

Hafren Dyfrdwy

Our Welsh business, Hafren Dyfrdwy, submitted its updated business plan on 29 March 2019 and we look forward to receiving its Draft Determination on 18 July 2019.

World Water Innovation Fund

Earlier this week we were proud to launch the World Water Innovation Fund, bringing together the most forward thinking companies from across the UK, Australia and Americas, leveraging innovation to make a difference to the way we manage our precious water resources for generations to come.

Read more at www.waterinnovationfund.com.

Enquiries
Investors & Analysts
Richard Eadie	Severn Trent Plc	[phone]
Head of Investor Relations
Rachel Martin	Severn Trent Plc	[phone]
Investor Relations Manager
Media
Press Office	Severn Trent Plc	[phone]
Jonathan Sibun	Tulchan	[phone]

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. No assurances can be given that the forward-looking statements in this document will be realised. 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 securities in any jurisdiction. Securities may not be offered, sold or transferred in the United States absent registration or an applicable exemption from the registration requirements of the US Securities Act of 1933 (as amended).

 

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