Severn Trent welcomes Ofwat's announcement that it has received regulatory endorsement to invest £565million (2017/18 prices) in an ambitious Green Recovery programme to support the UK's green economic bounceback and create 2,500 new jobs in the Midlands.
The Regulator challenged all water companies to support the UK's green recovery post-pandemic. Today's announcement provides Severn Trent with a great opportunity to deliver additional long-term growth, with new investment over the next four years supporting the Company's ESG ambitions.
The Company will now be working through the detail of Ofwat's response to its plans. Once finalised, the Green Recovery will enable Severn Trent to lead the way in a number of projects, many of which will be a first for the UK, all of which will involve additional investment and the creation of new jobs. The projects, which were praised for being innovative, will benefit both local communities and the environment, and will be delivered alongside the Company's existing plans and investment for the region.