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22 Apr 2024 07:00
THAMES WATER UTILITIES FINANCE PLC ("TWUF")
PR24 BUSINESS PLAN UPDATE
In October 2023, Thames Water Utilities Limited ("TWUL") submitted its PR24 business plan for the 2025-30 regulatory period ("AMP8") to Ofwat, following consultations with nearly 20,000 customers, the communities in which it operates and its wider stakeholders.
This ambitious plan proposed total expenditure of £18.7 billion to meet our customers' priorities which include maintaining safe high quality drinking water, ensuring security of water supplies, delivering further environmental improvements, and building greater network resilience to address an ageing asset base, climate change and population growth. The proposed level of investment was more than double the level of investment being made in the current five-year regulatory period.
Since its submission last October, TWUL has discussed the content of its PR24 business plan extensively with its regulators and key stakeholders. As a result of this engagement, TWUF announces that TWUL has now submitted an update to its PR24 business plan showing a £1.1 billion increase in AMP8 total expenditure to £19.8 billion which will be directed to projects benefiting the environment.
As well as allowing TWUL to deliver more environmental projects, a rebalancing of operating and capital expenditures means there is no resulting increase in projected customer bills, which are estimated on average to be £608 by 2030.
TWUL will continue to look for opportunities to deliver more investment in AMP8 and has proposed that a further £1.9 billion of potential investment is placed into a "Deliverability Assessment Mechanism". This means if TWUL was to invest the full £1.9 billion in AMP8, then annual average customer bills would increase further by £19 over that period.
Chris Weston, CEO of Thames Water, said: "Our business plan focuses on our customers' priorities. As part of the usual ongoing discussions relating to PR24, we've now updated it to deliver more projects that will benefit the environment. We will continue to discuss this with our regulators and stakeholders."
For investor enquiries please contact
David Gregg - Director of Corporate Finance
Sarah Davies - Head of Investor Relations
debt.investorrelations@thameswater.co.uk
For media enquiries please contact Suvra Jans
Head of Media Relations
07747 640 810
Suvra.jans@thameswater.co.uk
About Thames Water
Thames Water is the UK's biggest water and wastewater services provider. Thames Water's key workers provide essential services around the clock to around 16 million customers across London, the Thames Valley, and surrounding areas.
Thames Water provides 2.7 billion litres of drinking water and safely removes 4.6 billion litres of wastewater every day.
www.thameswater.co.uk
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