Utility firm to create 2,000 jobs in South West over next five years
Utilities firm Pennon says it is looking to create 2,000 jobs across the South West as it looks to invest £2.8bn in the region.
The owner of South West Water and Bristol Water has published a trading update and an update to its business plan.
Last year the company was hit by a surge in the cost of power but it is now looking to stabilise the business.
According to the update trading is in line with management expectations and it is on track to deliver a £400m investment plan over the next 12 months.
Investment in renewable energy generation is also progressing in line with expectations and the firm is accelerating its Net Zero 2030 commitment.
Pennon has submitted its business plan to Ofwat, outlining capital investment of .£2.8bn over the next six years.
Chief executive Susan Davy said: “In our South West Water 2025-30 business plan, we’re set to tackle the challenges that matter most in our region head on, with progress already underway. We plan to invest £2.8bn in water quality and resilience, with a pledge to fix storm overflows at beaches and eradicate pollutions, whilst delivering on our Net Zero 2030 promise to the planet. Our robust balance sheet underpins our ambition.
“This plan will create 2,000 jobs in our communities, alongside our plan for 1,000 apprenticeships and graduates.
“At the same time, we will do more with less, as we drive efficiency and innovation, with a nature first principle, keeping unwelcome bill increases as low as possible.
“We have tested our plan with thousands of customers, and they are confident this is the right deal for right now.”
She added: “We continue to build momentum as we plan for the next regulatory period, as demonstrated by South West Water being one of only two companies to improve their position in Ofwat’s latest Water Company Performance Report.
“Following the completion of the merger with Bristol Water earlier this year, investment in the Bristol Water region is focused on improving the consistency of performance and embedding best practice to provide a sustainable platform across the water business for the next regulatory period.
“Climate change has shown how unpredictable weather patterns can be, and the impact they can have on our operations. Whilst the South West region still remains in official drought status, as declared by the Environment Agency in 2022, the impact of our targeted supply and demand side investments has supported the significant improvement in our water resources, and as a result we are pleased to have been able to lift all Temporary Use Bans across Devon and Cornwall.”