United Utilities increased renewable generation by 12% and cut electricity consumption 4% in the year to 31 March.
Posting full year results, the company said its renewable generation, at 167GWh, was a record. Last year the company reported renewable energy production of 149 GWh, which it said was roughly 18% of its consumption.
Despite generating more and using less in 2017/18, the firm’s power bill nudged upwards from £68.7m to £70.4m.
United Utilities aims to halve its carbon footprint by 2020 versus a 2005/06 baseline. It reported a 2017/18 figure of 391,640 tonnes of carbon dioxide equivalent, which it states is a reduction of one-third since 2005/06.
The company said it has invested £53m in solar power since 2015, and expects to spend £100m on increasing renewable generation capacity over the five-year regulatory spending period to 2020.
Meanwhile, the company said billing and data problems at its Water Plus joint venture with Severn Trent – which is now also selling energy – has had to increase its working capital. As such, loans to Water Plus increased £17m to £136m.
United Utilities revenue for the year increased £32m to £1,736m. Underlying operating profit was £645.1m, up from £622.9m. Underlying profit after tax was £304.9m down from £313.4m.
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