UK Regulator Approves GBP2.7 Billion Green Investment from Water Sector

By Joe Hoppe

The U.K. water regulator said Thursday that it has given the green light for the water sector to invest a total of 2.7 billion pounds ($3.74 billion) in a series of environmental improvement proposals.

The Water Services Regulation Authority, or Ofwat, said that in collaboration with the Department for Environment, Food and Rural Affairs, the Environment Agency, the Drinking Water Inspectorate and the Consumer Council for Water, it has given the go ahead on a broad range of proposals.

Five water companies --Severn Trent PLC, South Staffs Water, South West Water, Thames Water and United Utilities Group PLC-- will invest an additional GBP793 million on top of their existing five-year commitments, to help the green economic recovery. A total of GBP1.9 billion of investment in additional statutory environment schemes by 2025 will be made by the companies, together with seven other companies in England.

The companies will take steps to their reduce greenhouse gas emissions and move towards net-zero emissions goals, invest in reducing harm from storm overflows, expand smart-metering programs, make improvements to river quality and carry out pilot trials to replace customer-owned supply pipes.

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(END) Dow Jones Newswires

July 15, 2021 04:48 ET (08:48 GMT)

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