REG - Severn Trent PLC - Wastewater Treatment Information Request

Severn TrentAnnouncement

16/07/2024 07:15

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RNS Number : 5598W  Severn Trent PLC  16 July 2024

LEI: 213800RPBXRETY4A4C59

 

Wastewater treatment information request

At Severn Trent we have consistently demonstrated that we are a sector leader
on environmental performance, and we have significant resource across our
organisation dedicated to reaching global best practice on CSO spills, going
well beyond compliance. We have always maintained full transparency regarding
our wastewater operations and will continue to do so.

We note Ofwat's announcement this morning. The Section 203 notices served upon
Severn Trent Water and Hafren Dyfrdwy enable Ofwat to request information to
ascertain whether or not there has in-fact been any non-compliance in relation
to their wastewater treatment processes as part of Ofwat's sector wide
investigation (as announced on 18 November 2021) and ultimately whether any
actions are required to ensure compliance on a forward-looking basis.  A
Section 203 notice does not imply that Ofwat will conclude that there has been
any operating licence contravention or that they will pursue formal
enforcement action or impose a financial penalty.

It is important to recognise that:

·    Severn Trent have committed to going further and faster than anyone
else in the sector on tackling the issue of CSO spills. We announced in May
our plans to deliver solutions to 900 individual CSOs in this year alone, in
addition to over £1 billion of investment included in our PR24 Draft
Determination. Our plans take us well beyond compliance as we target reaching
global best practice. You can read more in our Annual Report and Accounts and
track progress via a dedicated YouTube playlist
(https://www.youtube.com/playlist?list=PLkGZTG5Vk0IstpCU7IDejVY2uT1J9VPCR
(https://www.youtube.com/playlist?list=PLkGZTG5Vk0IstpCU7IDejVY2uT1J9VPCR) ).

 

·    Ofwat recognises that we are a sector leader in this area. In its
press release this morning, Ofwat said, "Severn Trent has recently announced
an ambitious programme to significantly reduce use of storm overflow which
Ofwat welcomes. The investigation will consider both current and past
performance and reflect on the steps companies are now taking in deciding if
and what action is needed".

 

·    In its assessment of PR24 Business Plans, Ofwat identified Severn
Trent's plan as "outstanding", with specific reference to our performance
targets on storm overflows as being "particularly ambitious".

We will work constructively with Ofwat on this matter and are confident in
reaching a resolution as quickly as possible.

 

Enquiries

 Investors & Analysts
 Rachel Martin               Severn Trent Plc  +44 (0) 782 462 4011
 Head of Investor Relations

 Andy Farrell                Severn Trent Plc  +44 (0) 798 939 0825
 Investor Relations Manager

 Media
 Jonathan Sibun              Teneo             +44 (0) 207 353 4200
 Press Office                Severn Trent Plc  +44 (0) 247 771 5640

 

Cautionary statement regarding forward-looking statements

This document contains statements that are, or may be deemed to be,
'forward-looking statements' with respect to Severn Trent's financial
condition, results of operations and business and certain of Severn Trent's
plans and objectives with respect to these items.

 

Forward-looking statements are sometimes, but not always, identified by their
use of a date in the future or such words as 'anticipates', 'aims', 'due',
'could', 'may', 'will', 'would', 'should', 'expects', 'believes', 'intends',
'plans', 'projects', 'potential', 'reasonably possible', 'targets', 'goal',
'estimates' or words with a similar meaning, and, in each case, their negative
or other variations or comparable terminology. Any forward-looking statements
in this document are based on Severn Trent's current expectations and, by
their very nature, forward-looking statements are inherently unpredictable,
speculative and involve risk and uncertainty because they relate to events and
depend on circumstances that may or may not occur in the future.

 

Forward-looking statements are not guarantees of future performance and no
assurances can be given that the forward-looking statements in this document
will be realised. There are a number of factors, many of which are beyond
Severn Trent's control that could cause actual results, performance and
developments to differ materially from those expressed or implied by these
forward-looking statements. These factors include, but are not limited to: the
Principal Risks disclosed in our latest Annual Report and Accounts (which have
not been updated since the date of its publication); changes in the economies
and markets in which the group operates; changes in the regulatory and
competition frameworks in which the group operates; the impact of legal or
other proceedings against or which affect the group; and changes in interest
and exchange rates.

 

All written or verbal forward-looking statements, made in this document or
made subsequently, which are attributable to Severn Trent or any other member
of the group or persons acting on their behalf are expressly qualified in
their entirety by the factors referred to above. The final PR24 Business Plan
is subject to approval by Ofwat and there can be no assurance that the PR24
Business Plan will be approved, in whole or in part, and, as a result, no
assurances can be given that the forward-looking statements in this document
will be realised. This statement extends to and includes the draft
determination for the PR24 Business Plan which remains subject to final
approval and publication of the final determination by Ofwat. This document
speaks as at the date of publication. Save as required by applicable laws and
regulations, Severn Trent does not intend to update any forward-looking
statements and does not undertake any obligation to do so. Past performance of
securities of Severn Trent Plc cannot be relied upon as a guide to the future
performance of securities of Severn Trent Plc.

 

Nothing in this document should be regarded as a profits forecast.

 

Certain information contained herein is based on management estimates and
Severn Trent's own internal research. Management estimates have been made in
good faith and represent the current beliefs of applicable members of Severn
Trent's management. While those management members believe that such estimates
and research are reasonable and reliable, they, and their underlying
methodology and assumptions, have not been verified by any independent source
for accuracy or completeness and are subject to change without notice, and, by
their nature, estimates may not be correct or complete. Accordingly, no
representation or warranty (express or implied) is given to any recipient of
this document that such estimates are correct or complete.

 

This document is not an offer to sell, exchange or transfer any securities of
Severn Trent Plc or any of its subsidiaries and is not soliciting an offer to
purchase, exchange or transfer such securities in any jurisdiction. Securities
may not be offered, sold or transferred in the United States, absent
registration or an applicable exemption from the registration requirements of
the US Securities Act of 1933 (as amended).

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