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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.
The California Coastal Commission staff has recommended approval for the California American Water Monterey Peninsula Water Supply Project (MPWSP) at a hearing on November 17, 2022. This project aims to provide a reliable water supply to the region, addressing a long-standing water crisis that has limited affordable housing and economic growth since the 1990s. With a phased approach, the initial phase will produce 4.8 million gallons of water per day, with potential expansion up to 6.4 million gallons. California American Water is committed to affordability and renewable energy for the project.
California American Water has successfully acquired the City of Bellflower's municipal water system for $17 million. This acquisition benefits approximately 1,800 homes and businesses, enhancing their access to reliable water services in Los Angeles County. The transition follows a decision by the California Public Utilities Commission. Customers will immediately gain access to services including online account management and 24-hour emergency support. Kevin Tilden, President of California American Water, expressed excitement about expanding their service footprint and commitment to providing high-quality service.
The Monterey Peninsula Water Supply Project (MPWSP) in California aims to provide a reliable water supply for the region, which has faced water shortages for over 25 years. California American Water announced a phased approach to the project, emphasizing its benefits for the Carmel River ecosystem and the community's drought-proof needs. Features of the MPWSP include advanced technology, public engagement, and greenhouse gas reduction initiatives, further supported by low-income assistance programs and improved access to coastal areas.
American Water Works Company (NYSE: AWK) has announced key executive promotions to enhance operational efficiency. Mike Doran becomes Deputy Chief Operating Officer, and David Bowler is appointed Deputy Chief Financial Officer. Additionally, Justin Ladner and Rebecca Losli take on leadership roles at Pennsylvania and Illinois American Water, respectively. These promotions underscore the company’s commitment to strong leadership and customer-focused service delivery.
American Water Works Company reported Q3 2022 earnings of $1.63 per share, up from $1.53 in 2021. Year-to-date earnings reached $3.70 per share compared to $3.40 last year. The company has invested $1.9 billion and added 79,300 customer connections through acquisitions and organic growth. A $231.5 million agreement to acquire the Butler Area Sewer Authority's wastewater system will increase customer connections by 14,700. 2022 earnings guidance remains at $4.39 to $4.49 per share, with 2023 guidance set at $4.72 to $4.82 per share.
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American Water Works Company (NYSE: AWK) announced a quarterly cash dividend of $0.6550 per share, payable on December 1, 2022, to shareholders of record by November 8, 2022. This marks a continuation of the annualized dividend increase approved by the Board in April 2022. The company also offers a dividend reinvestment plan enabling shareholders to reinvest dividends and purchase shares without brokerage fees.
Iowa American Water, a subsidiary of American Water (NYSE: AWK), has acquired the City of Blue Grass wastewater system for $2 million, following approval from the Iowa Utilities Board on July 12, 2022. This marks Iowa American Water's first sewer system operation in Iowa, adding approximately 750 wastewater customers to its Iowa Quad Cities service area. The company plans to invest $4 million to upgrade the system and improve compliance with permit requirements. Existing sewer rates will remain unchanged for customers.
Illinois American Water is urging participation in the DEA's National Prescription Drug Take Back Day on Saturday, Oct. 29, 2022, from 10 a.m. to 2 p.m.. Customers can drop off unwanted medications at approved sites for safe incineration, discouraging harmful disposal methods like flushing. In April 2022, Illinois collected over 23,000 pounds of prescription drugs. Director Rachel Bretz emphasizes the importance of safe disposal to protect water sources. Permanent disposal programs are available for those unable to attend. For more information, visit the DEA's official site.
American Water (NYSE: AWK), the largest U.S. water and wastewater utility, has received the U.S. Department of Homeland Security's SAFETY Act Designation for its enterprise security program. This designation recognizes the company's effective anti-terrorism measures and liability protection against terrorist threats. American Water is the first water utility to earn this recognition, which is valid until October 31, 2027. CEO Susan Hardwick emphasized the designation reflects the company's commitment to safety and security for employees and customers.