American Water Works Company, Inc. reports developments tied to its regulated water and wastewater utility operations across the United States. The company provides drinking water and wastewater services to about 14 million people through regulated operations in 14 states and on 18 military installations, with operating subsidiaries including California American Water, Pennsylvania American Water, Maryland American Water, Virginia American Water, Illinois American Water, Iowa American Water and Tennessee American Water.
News for AWK commonly covers annual water quality and Consumer Confidence Reports, state-level service updates, infrastructure investment, public utility rate proceedings, drinking water standards, community programs and subsidiary activity in local service territories. Updates also reference the company’s long operating history and its role in regulated water and wastewater service delivery.
On February 24, 2022, the Public Service Commission of West Virginia approved new water and wastewater rates for West Virginia American Water (WVAW) customers, resulting in an annual revenue increase of approximately $13 million, or 8.33%. This adjustment stems from $258 million in infrastructure investments since 2018, although not all investments were recognized. Wastewater customers in Fayette County will see a 14.87% increase. Aiming to assist low-income households, the new rate structure includes discounts and payment assistance programs.
Missouri American Water has successfully acquired the Hallsville wastewater system, providing services to about 700 customers in Boone County, Missouri. The acquisition, approved by the Missouri Public Service Commission, follows a ballot measure supported by over 68% of voters in November 2019. The company plans to invest approximately $3.3 million in the wastewater system over the next five years to enhance service reliability. Missouri American Water aims to deliver efficient operations, as highlighted by President Rich Svindland.
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California American Water has received over $6 million from the State of California for COVID relief to assist customers who fell behind on payments. Administered by the State Water Resources Control Board, this program covers unpaid water service bills from March 2020 to June 15, 2021. Over 10,000 customers will benefit from this initiative, with a total of $6,358,597 in bill relief to be automatically credited to eligible accounts. The company encourages those needing further assistance with water debt to reach out for additional support.
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New Jersey American Water has launched an interactive webpage and map for customers to check the material of their service lines, responding to state legislation requiring disclosure of lead and galvanized steel lines. The site includes a guide for customers to assess their service line materials and offers resources on reducing lead exposure. The company guarantees that their water meets all quality standards, with ongoing tests showing no lead issues in treated water. Customers will be notified if their service lines are lead or galvanized steel.
Missouri American Water has completed its acquisition of the Orrick water and wastewater systems, adding around 340 customers each in Orrick, Ray County. The acquisition follows strong community support, with over 85% of voters favoring this decision in April 2021. The Missouri Public Service Commission approved the deal, allowing Missouri American Water to invest $1.3 million over the next five years to enhance services and ensure regulatory compliance. This strategic move aims to address the growing demand for reliable water and wastewater services in Missouri.
American Water Works Company reported a robust financial performance for 2021, achieving earnings of $6.95 per share, up from $3.91 in 2020. The fourth quarter showed earnings of $3.55 per share, significantly higher than $0.80 per share in 2020. This includes a gain of $2.70 per share from the sale of Homeowner Services Group. The company affirmed its 2022 earnings guidance range of $4.39 to $4.49 per share and long-term EPS growth target of 7-9%, along with plans for dividend increases.
American Water Works Company (NYSE: AWK) has appointed James H. Gallegos as the Executive Vice President and General Counsel, effective April 1, 2022. Gallegos succeeds Mike Sgro, who recently retired. He brings nearly 20 years of experience in general counsel roles, with notable expertise in strategic regulation and corporate governance. Previously, he held senior positions at Alliant Energy and Burlington Northern. Gallegos's legal career started at the U.S. Department of Justice, and he is an advocate for inclusion, equity, and diversity, aligning with American Water's values.
Illinois American Water is investing over $16 million to upgrade the local water system in Jerseyville, enhancing efficiency, safety, and security. The upgrades include modernizing chemical and lime feed systems, rehabilitating four filters, and implementing security and automation improvements. Additionally, five Variable Frequency Drives will be upgraded to optimize water flow and pressure, reducing energy consumption. The company is also constructing a new $8 million operations facility to bolster operational efficiencies and customer service.