Yorkshire Water chief executive Nicola Shaw said the company will need to borrow more money for its £7.8bn investment plan but its borrowing is “under control”.
Customers have been told they will need to pay almost £150 extra per year by 2030 to help fund an infrastructure investment programme, which promises to reduce sewage discharges by 35 per cent. Ms Shaw said Yorkshire Water, which has a net debt of £6.1bn, will also “need to borrow some more money” as it would be “unfair” for customers to foot the entire bill. Yorkshire Water is one of the companies in the Kelda Group which routinely lend money to each other and charge interest.
Yorkshire Water Finance Plc has issued £390m worth of Eurobonds, and $180m of Eurobonds in US dollars, on that stock exchange since 2018. Kelda Group said it issues the bonds in the Channel Islands “for ease of administration” but it can also benefit them HM Revenue & Customs’s Eurobond exemption, The legal loophole means companies which issue the bonds do not pay tax when they send interest payments to overseas investors .
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