Severn Trent has been given the green light for a major multibillion pound investment programme, set to deliver huge benefits to the Midlands.
Severn Trent said the five-year plan is underpinned by a track record of keeping customer bills the second lowest bill in England, but the water company will also increase its financial support for customers to £575m to help more than 700,000 people – double the current number.
Job creation
- The investment will generate up to 7,000 new jobs directly and across the supply chain, significantly boosting the regional economy
- New opportunities for work experience, apprenticeships and internships at Severn Trent and in its extensive supply chain
- A ten-year commitment to help 100,000 people into work across Severn Trent’s region
Welcoming Ofwat’s backing for the £12bn investment programme to bring growth to the region, Chief Executive Liv Garfield said:
“Our customers told us what mattered most, and we listened. This multibillion-pound investment will bring huge benefits to our region now and for generations to come with a secure water supply of the best quality, reducing impact on rivers down to nearly zero, whilst importantly keeping bills affordable and helping anyone who needs extra support.
“Our customers will continue to have the second lowest bill in the country, backed by one of the largest financial support packages available – if anybody needs help it’s there. Another boost to the local economy is significant job creation, but we won’t stop there – we’ll help thousands more across the region back to work.”
Liv continued: “Our dedicated team of around 9,000 Severn Trent employees have enabled us to be recognised as an Outstanding company by Ofwat and we now stand ready to deliver the thousands of exciting projects that will make a huge difference to our customers and communities.
“Thanks to our recent £1bn cash injection from our investors, we’re building on our sector leading performance to accelerate investment and deliver immediate benefits on the things that matter most, including reducing the use of storm overflows at 900 sites this year alone.”
The new investment round begins in April 2025 and thousands of new projects that will be delivered during the next five years were approved by regulator Ofwat in its draft determination, where Severn Trent was named as having an Outstanding plan. The next round of discussions on the fine detail in the plan will soon take place with Ofwat and continue until the end of the year when the ‘Final Determination’ is issued in December.
