Long term public debt issues

United Utilities PLC and its monopoly utility company, United Utilities Water PLC, are issuers in the debt markets.

The main driver behind the group's debt requirement is the capital investment programmes of United Utilities Water PLC. For the five-year regulatory review period 2010 to 2015, United Utilities Water PLC has agreed an investment programme with the regulator with an estimated spend of circa £3.6bn.

Below is a chart detailing our gross debt position as at 31 March 2011.