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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.
American Water Works Company, Inc. (NYSE: AWK) has declared a quarterly cash dividend of $0.7650 per share of common stock, payable on September 4, 2024, to shareholders of record as of August 13, 2024. This dividend continues the increase in the annualized dividend announced on May 1, 2024. The company offers a dividend reinvestment and direct stock purchase plan called American Water Stock Direct, allowing shareholders to reinvest dividends and purchase additional shares without brokerage commissions or service charges. Interested parties can obtain the plan prospectus and enrollment form through Equiniti Trust Company, or American Water's Investor Relations department.
California American Water has agreed to acquire Yerba Buena Water Company's water distribution system in unincorporated Ventura County. The system serves approximately 249 customer connections and is located 34 miles from California American Water's Ventura District operations center. This acquisition will expand California American Water's presence in Ventura County, where it already serves about 28,000 customer connections in various communities.
Kevin Tilden, California American Water's President, expressed enthusiasm about providing new services to Yerba Buena's customers, including conservation programs, a 24-hour emergency call center, and ratepayer assistance programs. Richard Morris, Chairman of Yerba Buena Water Company, expressed confidence in California American Water's ability to maintain high service standards for their customers.
American Water (NYSE: AWK) has released its eighth Sustainability Report for 2023, highlighting its leadership in environmental, social, and governance (ESG) principles. The report, now published annually, covers key areas such as water quality, infrastructure, efficiency, diversity, employee well-being, and emissions.
Notable achievements include:
- Recognition on Newsweek's lists of America's Most Responsible Companies and Most Trustworthy Companies 2023
- Inclusion in USA Today's American Climate Leaders and Forbes Net-Zero Leaders 2023 lists
- Named in Barron's 100 Most Sustainable Companies 2023 List for the sixth consecutive year
- Top-scoring company for Best Places to Work for Disability Inclusion for five consecutive years
- Included in the Bloomberg Gender Equality Index for six consecutive years
- Received the 2023 WaterSense® Excellence in Education and Outreach award from the U.S. EPA
The report aligns with global sustainability standards and considers the United Nations Sustainable Development Goals.
Pennsylvania American Water has been awarded $15.5 million in low-interest financing from PENNVEST for two water main extension projects in Washington County. The loans will enable the company to bring safe, reliable public water service and increased fire protection to nearly 60 homes, a public school district, and a fire department.
The first loan of $10.4 million will support the installation of 6.5 miles of new water main in Cross Creek, Independence, and Mount Pleasant townships, benefiting the Avella Area School District and enhancing fire protection capabilities. The second loan of $5.1 million will fund 3 miles of new water main in Robinson and Smith townships, providing improved water quality and pressure to 23 new customer connections.
Pennsylvania American Water received approval from the Pennsylvania Public Utility Commission (PUC) for adjusted water and wastewater rates, reflecting $1 billion in infrastructure investments through mid-2025. The order includes a $99.3 million annualized revenue increase, 9.45% Return on Equity, and 55.3% equity approval. Key points:
1. Expanded customer assistance programs, increasing eligibility for discounted service.
2. Improved infrastructure for water quality, reliability, and fire protection.
3. New rates effective Aug. 7, with exceptions for Foster Township and York City.
4. PUC initiated an investigation into water service issues in the Northeastern territory.
5. Company affirms commitment to high-quality, reliable, and affordable services.
American Water has launched a new Wills for First Responders service, offering pro bono basic estate planning legal services to first responders in its service area. The inaugural event, held in Norristown, PA, benefited 30 local first responders. Pennsylvania American Water President Justin Ladner emphasized the company's commitment to supporting community organizations and individuals.
The service, conducted in collaboration with Morgan, Lewis & Bockius LLP, includes options for wills, financial power of attorney, and health care power of attorney/living will. The process involved phone interviews and document preparation, culminating in in-person meetings for review, signing, and notarization. American Water plans to expand this service to other communities in states it serves, starting from May 2024.
Pennsylvania American Water reminds customers to prioritize safety and hydration during summer. Key safety tips include:
- Drink water before feeling thirsty to avoid dehydration
- Hydrate before bed and upon waking
- Use refillable water bottles to reduce plastic waste
- Avoid trespassing or swimming in public water supply reservoirs
- Don't tamper with fire hydrants
- Maintain proper hydration indoors and outdoors
The company emphasizes the importance of these measures to ensure customer well-being during hot summer months.
American Water (NYSE: AWK), the largest publicly-traded U.S. water and wastewater utility company, announced that CEO M. Susan Hardwick and three other experts will contribute to panels at the NARUC Summer Policy Summit from July 14 to 17 in West Palm Beach, Fla. Hardwick will discuss investments for reliable and resilient water services. Christine Keck, VP of National Government and Regulatory Affairs, will address federal legislation impacting the water sector. David Bowler, Deputy CFO, will discuss capital investment strategies, while Denise Venuti Free, Senior Director of Communications, will share insights on improving public confidence in drinking water services. This event gathers state utility regulators, industry representatives, and consumer advocates to discuss regulatory policy.
Iowa American Water announced significant leadership changes this week. Randy Moore will transition from President of Iowa American Water to Vice President, Strategic Programs at American Water. Brad Nielsen, formerly Vice President of Operations at Iowa American Water, will assume the role of President. Nielsen, who joined Iowa American Water in 2019, has extensive experience in operations, having previously worked at Aramark Uniform Service for 17 years. Additionally, Laura Martin will become Iowa American Water’s new Vice President of Operations. Martin has been with American Water since 2010, most recently serving as Senior Director of Government and External Affairs at Pennsylvania American Water. These changes aim to leverage the extensive experience of the team to enhance water service operations in Iowa.
American Water Works Company (NYSE: AWK) has announced the release of its 2024 second quarter financial results, scheduled for after the market closes on July 31, 2024. A conference call and webcast will be hosted on August 1, 2024, at 9 a.m. EDT by key executives: Susan Hardwick (CEO), Cheryl Norton (COO), and John Griffith (CFO). The call will include a Q&A session and can be accessed via the Investor Relations section of the company's website. Presentation slides will be available online beforehand, and an audio replay will be accessible for one year.