American Wtr Wks Co Inc - AWK STOCK NEWS

California American Water has submitted a proposed application for a rate adjustment to the California Public Utilities Commission, seeking to raise revenues by approximately $95 million from 2024 through 2026. The application, set to take effect on January 1, 2024, includes a $54 million increase in the first year. The funds will support $585 million for infrastructure improvements and compliance with regulations. The request is subject to public hearings and CPUC review, with a final decision expected in late 2023.

Illinois American Water recognizes National Drinking Water Week from May 1-7, 2022, promoting wise water use and source water protection. President Justin Ladner emphasizes the importance of safe drinking water. Customers are provided with tips, including reusing water, proper timing for watering, and leak detection. The company encourages responsible chemical use and participation in community watershed events. Illinois American Water is a subsidiary of American Water (NYSE: AWK), serving approximately 1.3 million people across the state.

Virginia American Water will implement interim water and wastewater rates starting May 1, 2022, following a rate application filed on November 15, 2021. The company seeks a total increase of $14.3 million due to $137.6 million in infrastructure improvements made since May 2020. Customers may receive bill credits if final rates are lower than the interim rates. The average residential customer will see monthly increases between $3.52 and $7.92 across different service areas. The company emphasizes commitment to affordability through payment assistance programs.

Pennsylvania American Water has filed a rate adjustment request with the Pennsylvania Public Utility Commission, seeking an annual revenue increase of approximately $173.2 million. This is in response to $1.13 billion in planned investments through 2023 for infrastructure improvements. If approved, the average residential water bill would rise from $60.49 to $75.49, and wastewater bills would increase from $76.64 to $95.69. The company aims to enhance its low-income discount program and expand lead service line replacements to improve service affordability.

Illinois American Water is investing over $5 million for upgrades in the Peoria area, including over 16,000 feet of water main replacement and 7,500 feet of sewer main lining. These projects aim to enhance water flow, pressure, and wastewater collection reliability, addressing the growing infrastructure needs in local communities. The initial phase includes televised inspections to assess sewer line conditions. The upgrades are expected to benefit approximately 1.3 million residents served by the utility.

American Water Works Company (NYSE: AWK) has appointed John C. Griffith as the new Executive Vice President and Chief Financial Officer, effective May 16, 2022. Griffith, who has over 25 years of industry experience, will take over from Susan Hardwick, who was promoted to President and CEO earlier this year. Griffith's previous roles include Managing Director at Bank of America and CEO of HighWave Energy. American Water operates in 24 states, serving approximately 14 million people with essential water services.

American Water Works Company (NYSE: AWK) reported a 19% increase in diluted earnings per share for Q1 2022, reaching $0.87 compared to $0.73 in Q1 2021. The company affirmed its 2022 earnings guidance of $4.39 to $4.49 per share and long-term financial targets for 2022-2026. In Q1, approximately $437 million was invested, primarily in infrastructure improvements, adding 5,500 customer connections through acquisitions and organic growth. The capital plan remains on track for an investment of $2.5 billion in 2022.

Illinois American Water is urging customers to participate in the DEA’s National Prescription Drug Take Back Day on April 30, 2022, from 10 AM to 2 PM. Residents can drop off unused medications at approved sites for environmentally safe incineration, as recommended by the EPA. For those unable to attend, local permanent disposal programs are available. The initiative promotes safety and environmental protection by preventing medications from being improperly disposed of. The P2D2 program created by Pontiac Township High School students serves as a model for effective pharmaceutical disposal.

Pennsylvania American Water has announced its annual Environmental Grant Program, awarding nearly $75,000 to 13 organizations dedicated to protecting water resources in Pennsylvania. The projects were selected from 50 applications based on criteria like environmental need and community engagement. Since 2005, the program has funded over $650,000 across more than 135 projects. The company serves approximately 2.4 million residents and is a subsidiary of American Water (NYSE: AWK).