American Wtr Wks Co Inc Stock Price, News & Analysis

On Dec. 15, 2022, the Illinois Commerce Commission approved a rate adjustment for Illinois American Water, effective Jan. 1, 2023. This decision follows over $1.1 billion in system upgrades aimed at enhancing water and wastewater services across Illinois. Customers will see an annualized revenue increase of approximately $67 million, affecting water bills between $3 and $16 monthly and wastewater bills by $25 to $36. Additionally, a low-income discount tariff was introduced, potentially reducing bills for qualifying residents.

California American Water has informed its customers in Southern California about a regional drought emergency declared by the Metropolitan Water District. This declaration urges immediate reductions in imported water use. Customers achieved significant water savings, with Ventura County and Los Angeles County experiencing reductions of 32% and 22% respectively compared to November 2020. The company encourages continued water conservation, offering programs such as Waterwise surveys and rebates for water-efficient devices.

California American Water plans to seek a rehearing regarding funding issues related to the Pure Water Monterey Expansion project, as approved by the California Public Utilities Commission on December 1, 2022. The company emphasizes the importance of securing funding for essential infrastructure, including wells and pipelines, to bolster water supplies in the Monterey Peninsula. The project aims to diversify the region's water supply while reducing dependence on the over-drafted Carmel River Aquifer.

The Pennsylvania Public Utility Commission approved a settlement agreement that allows Pennsylvania American Water to increase annualized revenue by $138 million. New rates, effective January 28, 2023, will raise average residential water bills by approximately $9 and wastewater bills by $30. The settlement also includes enhanced customer assistance programs and an accelerated lead service line replacement initiative. The total investment exceeds $1 billion to improve aging infrastructure while ensuring affordability for low-income households.

American Water Works Company (NYSE: AWK) has appointed Laurie P. Havanec and Michael L. Marberry as independent directors effective December 7, 2022. Havanec, with extensive human resources and ESG expertise, currently serves as Chief People Officer at CVS Health. Marberry brings significant executive leadership experience, having led J.M. Huber Corporation to sustainability recognition. Their additions are expected to strengthen the board's capabilities and align with the company's strategic goals.

American Water Works Company (NYSE: AWK) declared a quarterly cash dividend of $0.6550 per share, scheduled for March 1, 2023. Shareholders on record as of February 7, 2023 will receive this payment. This dividend represents a continuation of the annualized increase approved by the board in April 2022. The company also offers a dividend reinvestment plan that allows shareholders to reinvest dividends and purchase shares without brokerage fees.