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Severn Trent Responds To Call For Price Cut

Severn Trent Plc today issued its initial response to the draft determination of water charges for the five years beginning April 2000 announced by Ian Byatt, Director General, Office of Water Services.

The Director General has determined that Severn Trent Water should reduce its charges to customers by 14.1% in April 2000, with a further reduction in real terms of 1.0% per annum in each of the two subsequent years.

Commenting on the draft determination, Group Chief Executive, Vic Cocker, said:

"Uniquely amongst the water and sewerage companies Severn Trent had offered a 5% price cut. This is a larger reduction than we had envisaged but we recognise that this is a serious plan from the Regulator and we shall be discussing with OFWAT the extent to which we can marry their suggestions with all our responsibilities to our customers and the environment."

The Company is holding a briefing for investment analysts and fund managers at the offices of HSBC, Vintners Place, 68 Upper Thames Street, London EC4 on Thursday 29 July at 4.45pm.

Alan Costin, Group Finance Director
  0121 722 4429
James Bradley, Brunswick  0171 404 5959

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CWN / Business / A-ZSevern Trent Water / 27 Jul 99

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