United Utilities, water supplier to the North West of England, said on Friday it remains on track to deliver £2 billion of capital investment in 2026-27 and £11.5 billion across the five-year AMP8 regulatory investment period to 2030.
In a trading update ahead, the Warrington FTSE 100 firm said: “Our financial framework and guidance for 2026/27 remain unchanged, and we continue to target regulatory returns of 10-11% in AMP8.
“Operational performance is in line with expectations, and delivery of our AMP8 capital programme continues to progress well, with projects advancing through the investment lifecycle as planned.
“We remain on track to deliver c.£2bn of capital investment in 2026/27 and c.£11.5bn across AMP8, supporting compound growth in our asset base of c.10% …
“We remain on track to access approximately £2.5 billion of investment through the annualised AMP8 re-opener mechanism. Our proposals represent an efficient, risk-based approach while supporting the Government’s housing, digital infrastructure and climate policy ambitions
“As part of this process, we have submitted our response to the 2026 Cost Change Draft Decision, seeking support for c.£1 billion of investment to enhance network resilience, provide additional water and wastewater capacity across the region and enable economic growth in the North West.
“Our response sets out further evidence for a number of projects, demonstrating that they represent the best value outcomes for customers and are fully deliverable.
“We have also proposed revised funding arrangements for industrial growth projects, with £191m of strategic infrastructure investment progressing through a gated mechanism and the remaining £79m asset-specific infrastructure to be funded directly.
“This risk-based approach aligns investment with the emergence of demand, protects customer value and ensures strategic industrial growth can be supported as requirements are confirmed.
“We look forward to continued constructive engagement with Ofwat ahead of the Final Decision in December 2026.”