Severn Trent, which supplies 4.8million households, is increasing its average annual bill from £379 next year to £518 by 2030 — a 37 per cent rise — to finance a £12.9billion turnaround plan.
The company also speedily raised £1billion from investors yesterday, with Qatar’s Investment Fund taking half of the new shares on offer and investing £500million.
Severn Trent said the investment would help to cut the level of pipe and sewage leaks, and set aside £5billion to enhance its service level.
The mammoth overhaul will create 7,000 jobs, largely in the Midlands, as more manpower is needed to lay hundreds of miles of new mains pipes — in 2021 Severn Trent reportedly had a three-year average of 446million litres leaked a day.
To help some customers afford higher bills, the firm also announced a £550million affordability fund that would provide 693,000 vulnerable households — around one in seven of its customers — with discounts of up to 70 per cent off their bills.
Liv Garfield, CEO at Severn Trent, said the company was committed to “healthier rivers, providing thousands of jobs, and fewer leaks”.
GOOD WEEK
ANDREW Carter, Chapel Down boss, said after sparkling sales that hotter weather conditions will help English wine-makers.
BAD WEEK
EPIC Games chief Tim Sweeney, who laid off 900 staff after admitting the Fortnite video game-maker overspent.
HOME GROANS
HOME loan approvals have fallen to their lowest in six months.
Bank of England figures show approvals dropped from 49,500 to 45,400 in August.
Higher mortgage costs also saw sales slip 16 per cent in the last year.
But an average five-year fixed-rate mortgage fell below 6 per cent this week — the first time since July.
ASTON THRILLER
SHARES in Aston Martin revved higher yesterday as billionaire and executive chairman Lawrence Stroll boosted his stake in the business.
The F1 tycoon’s consortium, Yew Tree, increased its stake from 22 to 26 per cent, saying it was a “show of confidence” in the brand’s plan.
The shares rose by 12 per cent.