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PRIVACY
Economic Development

South West Water owner says rising bills will fund 拢3.2bn investment plans

The announcement comes as Pennon reports widening losses

Water running from a household tap(Image: Rui Vieira/PA Wire)

South West Water owner Pennon has said rising water bills will help fund its £3.2bn investment plans, as losses deepened for the utility firm.

The Exeter-based company, which also owns Bristol Water, Bournemouth Water and SES Water, said a record year of investment, along with encouraging its customers to use less water to save money, had affected its annual profits.

It reported a statutory pre-tax loss of £72.7m for the year to the end of March, widening from the £9.1m loss reported last year.

Bills for South West Water customers surged by 28% on average from April, which Pennon said would help fund around a third of its investment plans that are due to be completed by 2030.

"Ultimately everyone will benefit from the investments we are making - from building reservoirs, to fixing storm overflows, powering our net zero ambitions and helping to create economic growth," said Pennon chief executive Susan Davy.

“We know customers are worried about rising bills to fund this level of investment. While we have made the tough decision to put bills up in 2025/26 - for the first time in over a decade - two thirds of our investments are being funded by our supportive investors and debt providers."

Pennon confirmed in March that a major water contamination incident in Devon last year had pushed up costs by £36m.

Just over a year ago the diarrhoea-inducing cryptosporidium was discovered in a reservoir, prompting 17,000 households in Brixham to boil their drinking water for eight weeks.