Long term public debt issues

The main driver behind the group's debt requirement is the capital investment programmes of United Utilities Water Limited. For the AMP7 regulatory period 2020-25, we expect to raise around £2.7 billion to cover refinancing and incremental debt, supporting our five-year investment programme. Coming into AMP7 we already had c£1 billion of liquidity. In the first three years of AMP7 we have raised just under £2 billion, extending our liquidity position out to 2026 as at 30 September 2023.

Below is a chart detailing our gross debt position as at 30 September 2023.

Below is a chart detailing our term debt maturity profile as at 30 September 2023.