Pennon seeks £550m from investors following record sewage fine

Pennon, the London-listed owner of South West Water, Bristol Water, and SES Water, has announced a £550 million investor cash-call. This move is intended to support an additional £1 billion in investment as part of a wider operational overhaul.

The announcement follows a record £7.9 million fine issued by Plymouth Magistrates’ Court regarding 18 environmental offences. These offences involved pollution incidents across Devon and Cornwall over a six-year period. This capital injection is intended to supplement the £2.6 billion already committed under plans agreed upon with the regulator, Ofwat.

Chief Executive Keith Haslett stated that the plan focuses on increasing accountability, bringing key skills in-house, and directing investment toward critical assets. The company aims to improve environmental performance and service delivery for customers and communities while generating value for shareholders.