Pennon Group PLC SOUTH WEST WATER -- GREEN RECOVERY INVESTMENT (7575Y)

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RNS Number : 7575Y

Pennon Group PLC

17 May 2021

PENNON GROUP PLC

17 May 2021

SOUTH WEST WATER - GREEN RECOVERY INVESTMENT

Following the UK Government's commitment to both build back better and build back greener, we were pleased to have been asked to consider ways in which we could support the green economic recovery. Our Green Recovery Initiative, developed with customers and stakeholders, proposed a set of schemes benefiting our region - delivering significant benefits for customers, society and the environment.

Following a detailed assessment by Regulators, Ofwat has now published their draft green economic recovery decisions, outlining GBP81 million of additional environmental investment for South West Water's Green Recovery Initiative over the period to 2025, with no impact to customer bills in K7.

South West Water's Green Recovery Initiative includes investment across the whole of the region that supports the creation of c.500 jobs, benefits the wider supply chain and provides opportunities for South West Water's existing workforce to gain new skills.

Our proposals incorporate an important and manageable set of schemes in addition to our existing K7 business plan commitments - supported by our customers, with a customer acceptance rating of 81%, along with the support of South West Water's independent WaterShare+ Advisory Panel.

Ofwat's draft decisions will allow us to take extra action on the most pressing environmental issues. Our proposals include a range of initiatives which include taking action to eliminate harm from storm overflows and trialling improvements to river quality to match standards of bathing waters. Alongside this, many of our initiatives also support the achievement of our ambitious net zero carbon commitment including extensive peatland restoration in the South West, the development of our low-carbon water treatment works, and helping customers to create smarter, healthier homes.

Susan Davy, Pennon's Chief Executive Officer said:

"Our Green Recovery Initiative is focused on opportunities to make an even bigger environmental and societal contribution to the South West for the longer term than we already do today. We are confident South West Water can step up to the challenge, deliver for our customers and communities, and play our part in the Green Recovery."

For further information, please contact:

Pennon

 
 Paul Boote        Group Finance Director      01392 443 168 
 Jennifer Cooke    Group Investor Relations 
                    Manager 
 

Finsbury

 
 James Murgatroyd       0207 251 3801 
 Harry Worthington 
 

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May 17, 2021 02:10 ET (06:10 GMT)