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