Severn Trent PLC PR19 Update for ST Water and Hafren Dyfrdwy (9633F)
18 Luglio 2019 - 9:45AM
UK Regulatory
TIDMSVT
RNS Number : 9633F
Severn Trent PLC
18 July 2019
LEI: 213800RPBXRETY4A4C59
Severn Trent Plc
PR19 Update for Severn Trent Water and Hafren Dyfrdwy
Ofwat has today published new information on its PR19
assessments including its Draft Determination for our Welsh
business, Hafren Dyfrdwy.
In respect of Severn Trent Water, we are pleased Ofwat has
acknowledged our Totex representations in this publication,
increasing our allowed cost base by GBP100m for the next 5 years
and indicating further dialogue will continue over the coming
months on remaining items.
We welcome the positive adjustments Ofwat has made to the
glidepaths for two of the AMP7 ODI targets, Supply Interruptions
and CRI - both of which we elected to keep open until this point.
We will continue our preparations to ensure a positive start to
AMP7 on the measures we know matter most to our customers.
Our revised Hafren Dyfrdwy plan was well received by Ofwat and a
reduced cost sharing rate is unlikely to be applied. Our Totex
allowance will benefit from a small increase, based on our
efficient cost base submission.
We consider that the reduction Ofwat has made to the WACC is
significant for the sector and we would like to have seen a final
position by this stage in the process. We will review the decision
carefully in the context of our own plan, and look forward to
further engagement with Ofwat on this issue in due course.
We believe the combined impact of positive changes in Totex and
the latest adjustments to the WACC leaves us in a net neutral
position over AMP7 when compared to the fast track draft
determination we received in April 2019.
Enquiries
Investors & Analysts
Richard Eadie Severn Trent Plc +44 (0) 7889 806578
Head of Investor Relations
Rachel Martin Severn Trent Plc +44 (0) 7824 624011
Investor Relations Manager
Media
Press Office Severn Trent Plc +44 (0) 247 771 5640
Jonathan Siburn Tulchan Communications +44 (0) 207 353 4200
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. No assurances can be given that the
forward-looking statements in this document will be realised. 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.
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).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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