Severn Trent Plc is anticipating “at least £50 million in ODI rewards this year”, according to its latest trading update for the period to 13 February 2024.
The water company said it is continuing to guide to at least £50 million in Outcome Delivery Incentive (ODI) rewards this year, despite having experienced ten named storms since September. The last six months of 2023 were the third wettest for England on record.
This would take Severn Trent’s total cumulative rewards across the first four years of AMP7 to over £250 million. The utility said this reflects the c. £3 billion of capital investment it has made during the period to improve service for customers and add further resilience to its network.
According to the update, Severn Trent’s focus remains on both enhancing service for customers and also providing support for those who are struggling to pay. The company is now supporting around 250,000 of its most vulnerable customers through a range of measures, including bill reductions.
Severn Trent remains on track to support 315,000 by the end of the AMP in 2025, and is planning to double the number of customers it offers financial support to in AMP8.
The update says the water company is continuing to deliver industry-leading operational and environmental performance and is confident it will retain four star status in the Environment Agency's annual Environmental Performance Assessment for a sector-leading fifth consecutive year. Four star status is the highest rating achievable, and includes zero serious pollution incidents in the year.
Severn Trent is reporting robust financial performance in line with expectations, saying there have been no material changes to the current year business performance or outlook since its interim results announcement on 22 November 2023.
Severn Trent's annual results presentation for its full-year results will take place on 22 May 2024.
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