(Reuters) -Several UK water firms on Monday outlined investment plans worth billions of pounds to tackle water quality, leakage and pollution issues in the country, as part of a submission to industry watchdog Ofwat.
South West Water’s parent firm Pennon Group said it would invest about 2.8 billion pounds ($3.41 billion) over the next five-year regulatory period of 2025-2030 in water quality, and pledged to fix storm overflows at beaches and pollution issues.
United Utilities also submitted a total expenditure plan of 13.7 billion pound across the same period, while Yorkshire Water said it would invest 7.8 billion pounds and Welsh Water pledged 3.5 billion pounds in the programme.
The investments are part of Ofwat’s price review programme, wherein water utilities set out their plans for the next five- year regulatory period to drive up performance and keep in-line with environmental guidelines.
These plans are, however, subject to approval and the England and Wales water regulator has until mid 2024 to review the proposals.
The performance of Britain’s water companies has come under fire, as customers and the government have condemned these firms for a record of piling up debt and permitting shareholders and executives to profit at the expense of the ecosystem.
The industry, which was privatised in 1989, has also come under intense scrutiny over sewage releases which have dirtied rivers and beaches and shaken public confidence in the sector.
Ofwat’s annual performance report last week noted that only five out of 17 water companies under its watch achieved their targets on reducing pollution incidents, while half met their performance commitment on leakages in the 2022-2023 fiscal year.
Last Friday, Severn Trent announced plans to invest 12.9 billion pounds under the programme and said it will raise 1 billion pounds to help finance the investment.
($1 = 0.8214 pounds)
(Reporting by Prerna Bedi and Eva Mathews in Bengaluru; Editing by Rashmi Aich)
