Severn Trent projects £50m in ODI outperformance payments for FY 2023

Severn Trent shares were down 0.3% to 2,827p in late morning trading on Thursday following an announcement that the group expected at least £50 million in customer ODI outperformance payments in FY 2023 in its trading update.

The utilities company reported a rise in operating costs outlined in its technical guidance, in particular for its energy and chemical expenses.

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Severn Trent said its environmental performance remained on track to match or exceed its target on 100% of its ODIs for the financial year.

The group also noted its was confident in retaining its four-star Environmental Performance Assessment Rating for 2021, and expected confirmation from the Environment Agency in the near term.

The firm mentioned it was benefiting from its decade of investment in renewable energy, with 145 GWh in green energy generated in Q1, equating to over 50% of its consumption and representing a 4% growth against Q1 2021.

Severn Trent commented it expected to release its updated Sustainable Financing Framework on its website in July, detailing its environmental, social and governance performance and targets, enabling the utilities company to raise financing for sustainable investment and expenditure.

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