Several UK-based water companies recently suggested making billions of pounds in investments to manage multiple water issues including leaks, quality and pollutants.
If this comes to pass, the initiative will see annual water payments for UK homes rise by approximately £156 by the year 2030. The recommended investments surfaced during UK water regulator Ofwat’s regular review of prices, where water utility companies set out the plans they have drawn up for the next period. This consists of five years, and the aim is to help drive performance and stay in line with the latest environmental legislation.
How much firms were planning to invest varied from company to company. For instance, the parent company of South West Water, Pennon Group, stated it would invest around £2.8 billion between 2025 and 2030, while United Utilities’ total expenditure aim for the same period was £13.7 billion. Earlier in 2023, Thames Water, the UK’s largest water supplier, was rescued from a state of financial crisis. It has pledged that it will make an investment of £18.7 billion.
Similar to major companies like these, UK consumers can take financial advice in Chester, London and other cities before making investments. Independent financial advisors (IFAs) can assess the financial situation of both enterprise and individual before making a recommendation on whether investments would be viable.
The proposals recently submitted by the UK water companies must now be approved by Ofwat to go ahead. The UK regulator is expected to issue its final decision regarding the plans in December next year.
