Finance and investment

Covid is a catalyst for digital transformation

Pandemic and PR19 knock £69m off Thames’ revenue

Thames Water has reported a 6.5 per cent year-on-year drop in revenue for the first half of 2020/21, as it was hit by lower allowed revenues in AMP7 compared to AMP6 and reduced water consumption in the non-household market because of lockdown.

SVT accelerates green recovery spending

Listed company Severn Trent reported a revenue fall of around £30 million because of the pandemic in the first six months of AMP7. It is accelerating opex projects including waste to energy to aid with the country's green recovery.

UU reports strong but challenged start to AMP7

United Utilities said the first six months of AMP7 have been the most challenging of any AMP but reported a strong position, largely thanks to its fast-track status for PR19. Utility Week speaks to chief executive, Steve Mogford.

NIS proposes net-zero duty for regulators

Pennon ‘not interested’ in minority stake deals

Pennon Group, the parent company of South West and Bournemouth Water, is eyeing outright acquisitions as opposed to taking a stake in another water company as it “narrows down the potential opportunities”. Utility Week speaks to chief executive Susan Davy.

PPAs signed for first two phases of Dogger Bank

SSE Renewables and Equinor have announced that 15-year offtake power purchase agreements (PPAs) have been signed for the first two phases of the Dogger Bank windfarm. The deals to buy the power generated by the first two phases of the wind farm follow the conclusion of a competitive bidding process and SSE Renewables says that taken together, the deals represent the largest set of PPAs completed to date in a tender process for a renewable energy project in the UK energy market.

Deal agreed to build UK’s largest community-owned solar park

A deal has been agreed to build the largest community-owned solar park in the UK, which will generate 18GWh of electricity per year. Renewable investment company Low Carbon has struck an agreement with Oxfordshire-based social enterprise Low Carbon Hub for the rights to its 19MW Arncott Solar Park.

Stark says hydrogen town plan is ‘on the edge of feasibility’

New initiative helps consumers verify energy sources hourly

An initiative has been launched to deliver hourly certificates to verify exactly where consumers’ energy comes from, helping them to understand their carbon emissions in real time. EnergyTag is made up of more than 60 companies including Ovo Energy, Microsoft and Google. Its council and advisory board are working together to define a set of guidelines that will form the basis of a market for energy certificates with a timestamp of one hour or less.

Ofwat names innovation partners

How AI is changing finance and operations in the utilities sector

SSE appoints banks to explore sale of SGN stake

SSE’s chief executive has told Utility Week the company is “moving forward” with a full or partial sale of its 33.3 per cent stake in gas distribution network SGN. Alistair Phillips-Davies was speaking on the back of the company’s half-year results.

On the move: Ofwat, SSE, Rebel Energy

Net zero requires £400bn spend this decade

Green infrastructure investment must double from current levels, to £40 billion per annum over the next decade, to reach the UK’s decarbonisation target. This is the conclusion of research by PwC, which has also warned that half of the investment opportunities identified would currently be unable to access low-cost capital because they would be considered too high risk. It has called for government to urgently identify mechanisms to ensure this funding is forthcoming.