Coventry headquartered Severn Trent has welcomed Ofwat’s announcement that it can invest £565 million 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 the 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.
The projects will increase water supplies with enough water to supply a city the size of Derby, using low carbon technology, encourage wild swimming by trialling the creation of two bathing rivers in stretches of the River Leam and the River Teme, accelerate environmental commitments by improving 500 kilometres of river five years earlier than planned, create a scale trial using a nature-based approach to reduce the risk of flooding whilst creating a green environment, introducing more than 150,000 smart meters to customers and remove old customer-owned lead pipes in up to 26,000 homes in two trial areas and using innovative techniques to find and replace them.
Liv Garfield, Severn Trent Chief Executive, said: “We’re really pleased by Ofwat’s endorsement of our ambitious Green Recovery plans. Whilst we still need to go through the finer details of the announcement, we’re delighted that Ofwat shares our enthusiasm for this impressive range of proposals, which we believe will benefit all our customers.
“Our communities, and the environment they care about, are at the heart of what we do. The Green Recovery programme is a key element in the Government’s plans to get the nation back on its feet and improve the environment.
“This investment into our region will see us lead the way by delivering a number of UK firsts including new, innovative trials to reduce the risk of flooding, increased water supplies and transformed stretches of river. What’s more, we will also be creating 2,500 jobs in the Midlands at a time when increasing employment, and getting people back into work, is vital for our region.”
We’ll be accelerating our capital spend to deliver these impressive plans and to achieve our existing commitments earlier. Together with our Green Recovery programme, the investments we are making will play a significant role in providing communities with the confidence that the Midlands can bounce back better than before.”