In January 2025 we accepted the final determination set out by the economic regulator, Ofwat, concluding the price review process for the 2025–30 period (AMP8).
This gives us certainty over our investment levels and performance targets for the next five years, allowing us to focus on progressing what will be the largest investment in water and wastewater infrastructure in more than 100 years, helping us to build a stronger, greener and healthier North West. Our £13 billion investment will help us to deliver a step change on the things that matter most to customers, communities and the environment – improving water quality, delivering significant environmental improvements, supporting jobs and the local economy, whilst doubling affordability support for those struggling to pay.
Capital expenditure
>doubled
compared with AMP7, as we embark on the largest investment in water and wastewater infrastructure in more than 100 years
Compound annual growth rate (CAGR) in our asset base
c.7%
increased from 5.2 per cent in AMP7, with long-term investment drivers that will extend beyond AMP8
Weighted average cost of capital (WACC)
4.03%
increased from 2.96 per cent for AMP7
Gearing target retained
55–65%
without the need for recourse to equity
Dividend policy unchanged
+CPIH
continuing to grow each year in line with CPIH inflation, having risen at least in line with inflation since the start of AMP5
Credit rating targets
Moody's Baa1 Fitch A-
S&P BBB+
for UUW senior unsecured debt
Greener
Environmental improvement is one of the biggest drivers of the larger investment programme for AMP8, and we will be delivering significant enhancements. We are also finalising a number of nature pledges in addition to our climate change ambitions, and using more nature-based solutions in AMP8 than ever before. Our industry-leading investment in storm overflows will help us deliver the sector-highest targeted reduction in spills in the decade to 2030, and we are going further to protect and improve bathing waters and river water quality, including enhancing our wastewater treatment and working with others to reduce phosphorus levels. We are also targeting significant reductions in leakage, sewer flooding, and pollution incidents, as well as targeting zero serious pollution incidents.
>60%
targeted reduction in spills per storm overflow in the decade to 2030
1,500 ha
further peatland restoration activity delivering carbon capture, biodiversity and water quality benefits
30%
targeted reduction in pollution incidents, and zero serious pollutions
Healthier
We will deliver significant improvements for customers, including improving drinking water quality for 2 million customers. We are targeting significant reductions in customer contacts about water quality, water supply interruptions, and unplanned outages, helping to deliver a better and more resilient service every day. With bill increases necessary to deliver the step change that everyone wants to see, affordability is more important than ever, particularly in the North West. As well as delivering efficiently with the third-lowest projected bill in England by 2030, we are doubling our industry-leading affordability support, and will be helping one in six households across the North West by 2030.
£525m
affordability support, helping one in six customers in the North West
30,000
homes with lead pipes replaced
40%
targeted reduction in internal sewer flooding, and 13 per cent reduction in external sewer flooding
Stronger
Our investment plans will support 30,000 jobs, both directly and indirectly through our supply chain, enabling strong economic growth across the region and creating an estimated £35 billion of economic value for the North West. Our county-based approach is enabling increased transparency and helping us to address the specific needs, priorities and opportunities in each of these unique communities. Our plans include significant improvements to resilience, such as increasing power resilience with backup batteries installed at key sites to avoid loss of service during power cuts on the grid, and protecting sites at risk from coastal and river erosion.
30,000
jobs supported, directly and in our supply chain, including 7,000 new jobs created
£35bn
economic value created for the North West
Five-county
approach helping communities to understand what we are delivering in their area
Downloads
Our plans for the 2025–30 period (AMP8)
