Severn Trent's record investment plan could bring 7,000 jobs
Severn Trent has revealed a major investment plan which could lead to the creation of 7,000 jobs across the Midlands.
The company is looking to raise £1 billion to help support a transformation plan which could lead to a major employment boost for the region.
The water supplier has launched a pre-emptive equity placing to start raising funds and stressed that the firm is “maintaining financial resilience”.
The firm said it plans to spend £12.9 billion in supporting its network over the next five-year regulatory period, which will include £5 billion of investment focused on improving capacity and service.
This investment would include £3 billion in transforming the natural environment through its WINEP – Water Industry National Environmental Programme – including 'addressing 99 per cent of the reasons attributed to our operations for rivers not being in good ecological status'.
It said £0.7 billion would be spent in securing new water resources, adding over 200 million litres of water per day and helping to protect customers supplies.
The company also said it would spend £0.4 billion in its decarbonisation journey, eliminating 240,000 tonnes of CO2e and delivering operational Net Zero by 2030.
As well as creating jobs in the business and supply chain, Severn Trent said the investment will enable thousands of new work experience placements, apprenticeships and internships.
Liv Garfield, CEO at Severn Trent, said: "By 2030 we will have transformed our network to provide our customers with the very best service.
"At the heart of this ambition is a commitment to a sustainable future - from healthier rivers, to providing thousands of jobs, fewer leaks and a water supply ready for the impacts of climate change and population growth.
"At the same time, our £550 million affordability scheme aims to ensure no customer in our region needs to worry about affording their water bill.
"We've listened hard to our customers, not only will we make sure we keep building on our sector-leading track record, but we will also work to make our region proud of their water company.
"This investment will contribute to our positive economic, environmental and social impact in the communities we serve for decades to come.'' to help support a transformation plan which is “expected to create 7,000 jobs” across the Midlands.