The United Utilities Group PLC (LON: UU) share price edged 3.33% after announcing an ambitious investment plan and issuing a trading update about its operations. The utility company plans to spend £13.7 billion in total capital expenditures from 2025-2030.
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The expenditure is expected to fuel significant Regulatory Capital Value (RCV) growth of 8.7% per annum, equating to a 50% nominal increase over the six years. The company intends to boost the North West UK economy by supporting 30,000 jobs, with 7,000 newly created jobs.
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The water and sewerage company also committed to supporting over 1 in 6 customers struggling to pay their water bills with affordability schemes worth £525 million. The company also highlighted its robust balance sheet, with 58% gearing, an industry low.
United Utilities can fund its ambitious projects based on its robust balance sheet, with its 58% gearing today providing flexibility to finance the entire plan with an average gearing of 65% over the Asset Management Plan (AMP).
The company plans to deliver what matters to its communities, customers, and the environment. The company took the liberty to engage with over 95,000 people, asking them what they considered crucial for each of the five counties served by the company.
The water and sewerage company also wants to safeguard water supplies for 3 million people while running the most extensive CSO spill reduction programme in the UK, with a 60% reduction in spills in the decade to 2030.
United Utilities CEO Louise Beardmore said: “We’ve been listening to customers and communities across our region to understand what really matters. What’s clear is that we need to improve services for customers and the environment. That’s why we are proposing the largest investment in water and wastewater infrastructure in over 100 years, with £13.7 billion planned between 2025 and 2030 to build a stronger, greener and healthier North West for everyone.”
“Our plan will secure water supplies for the future, halving the need for hosepipe bans, reduce storm overflow spills into our rivers and seas and upgrade our water network to cut leakage and service interruptions for customers.”
United Utilities (UU) share price.
The United Utilities (UU) share price edged 3.33% higher to trade at 981.50p, from Friday’s closing price of 949.90p.
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