Unitied Utililies say £800m upgrade plan will create thousands of job
The firm say 4,000 roles could be created
United Utilities has announced plans to raise £800 million through a share sale to fund large-scale upgrades across the North West, with thousands of jobs expected to follow.
The firm say the move will support around £2.5 billion of additional investment in water and wastewater infrastructure across the region.
Investment to strengthen supply and growth
The funding will focus on improving resilience in water and sewage networks, while also increasing capacity to meet demand from new housing, data centres and clean energy projects.
The company said the plans, which have been submitted to regulator Ofwat, are expected to create 4,000 jobs on top of the 30,000 already supported by its existing five-year programme.
Louise Beardmore, chief executive of United Utilities, said: “This focused, disciplined and well-funded plan will help us accelerate delivery of the transformation in infrastructure and services that the North West expects and deserves.”
Key projects across the region
The investment includes around £200 million for new water infrastructure to support data centres in east Manchester.
Around £220 million is earmarked to supply water to a clean energy programme in Ellesmere Port, Cheshire.
A further £350 million will go towards upgrading wastewater treatment capacity at 34 sites, supporting around 66,000 new homes.
Wider pressure on water companies
Water firms across the UK have faced criticism in recent years over supply outages, pollution and sewage discharges.
As a result, companies have increased spending to improve infrastructure, with some turning to investors to raise funds.
South West Water’s owner Pennon Group raised £490 million last year through a similar move.
Bills and financial performance
Customers have also seen rising costs, with United Utilities increasing bills by 9% from April, adding around £57 to annual household charges under plans agreed with Ofwat.
The company supplies around seven million customers across Greater Manchester, Cumbria, Lancashire and Merseyside.
In results published alongside the announcement, the firm reported pre-tax profits of £779 million for the year to 31st March, more than double the previous year.
Shares in the company rose by 11% in morning trading following the update.