PRESS RELEASE BY MBD...

UK UTILITY CAPITAL EXPENDITURE MARKET RESEARCH REPORT

RELEASED: MARCH 2008

After researching the UK utility capital expenditure market development and taking into account various other factors the following conclusions can be drawn from MBD's report:

MARKET REVIEW 2002/03-2006/07:

In 2006/07, total capital expenditure by the utilities (water & sewerage, gas supply, gas transmission, electricity supply, electricity generation and electricity transmission) is believed to have increased by a peak 17% to £9.34 billion. Prior to that, year on year growth had been recorded with annual growth rates oscillating between 3% and 13%. Water and sewerage accounted for 53% of total expenditure in 2006/07. In the latter year under review, the strongest increase was recorded in the gas transmission sector which demonstrated highly substantial growth of 96%.

MARKET FORECAST 2007/08-2011/12:

Capital expenditure by UK utilities is projected to decline in the first three years of the review period to a low of £8.58 billion (at 2006/07 prices) in 2009/10. This is expected to be followed by year on year growth to £9.20 billion in 2011/12 (at 2006/07 prices). This represents a moderate real term decline of 1% compared with 2006/07.

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