American Wtr Wks Co Inc Stock Price, News & Analysis

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.

New Jersey American Water has signed a $5 million agreement to acquire the wastewater collection system of Bound Brook, N.J., adding approximately 2,900 new customers. This acquisition follows a November 2021 voter referendum where nearly two-thirds approved the sale. The company plans to invest over $11 million in system improvements over ten years, maintaining current sewer rates for two years and capping annual increases at 3% for three years thereafter. This marks the company's third wastewater acquisition in three years, expanding its customer base significantly.

Pennsylvania American Water has launched its 20th Annual “Protect Our Watersheds” Art Contest for fourth to sixth graders in its service area. The contest aims to foster environmental awareness among students, encouraging them to create artwork and write narratives on watershed protection. Twelve entries will be featured in the 2023 calendar, with winners receiving bookstore gift cards. The artwork submission deadline is Earth Day, April 22, 2022. This initiative highlights the company's commitment to environmental education while engaging young artists in meaningful community involvement.

Illinois American Water has requested adjustments to its water and wastewater base rates, primarily due to over $1.1 billion in investments from 2018-2023. The funds are allocated for $948 million in water system improvements and $204 million in wastewater upgrades. Proposed rate changes could increase residential monthly water bills by $6 to $14 and wastewater bills by $7 to $17. A low-income discount tariff could reduce costs for eligible customers by up to $23 monthly. The decision will be made by the Illinois Commerce Commission.

American Water Works Company (NYSE: AWK) has completed the sale of its Michigan utility operations to Ullico's Triton Utilities for $6 million. This move aligns with AWK's strategy to focus on regions where it can deliver superior service and efficiency. The Michigan operations served approximately 12,000 residents across five townships, significantly enhancing Ullico’s capability to serve customers. The decision reflects AWK's ongoing efforts to streamline its operations and improve financial performance.

American Water (NYSE: AWK) announced the retirement of its president and CEO, Walter Lynch, effective February 2, 2022. Susan Hardwick, previously the Interim CEO and Chief Financial Officer, has been appointed as the new president and CEO. The Board expressed full confidence in Hardwick, citing her extensive utility experience and commitment to stakeholders. Hardwick joined American Water in June 2019, serving as CFO since July 2019, directing financial management and strategy. A search for a new CFO is currently underway.

Missouri American Water is investing $2.1 million to replace over 9,300 feet of aging water mains in Jefferson City, enhancing the city's water system. The planned upgrades will replace 6-inch cast iron mains from the 1950s-1960s with new 8-inch PVC mains across four projects. Construction is set from January through May 2022, with potential temporary disruptions in water service. The initiative aims to improve reliability and safety in water service for approximately 1.5 million customers in Missouri.

Illinois American Water has opened its application window for the 2022 Environmental Grant Program, aimed at funding community projects that protect Illinois watersheds. The grants, totaling over $29,000 last year, support diverse initiatives like watershed cleanups and reforestation. Organizations must address a local environmental need, partner with at least one other group, and ensure project sustainability. Applications are due by March 31, 2022, with projects to be completed between May 1 and November 30, 2022. More information and application forms are available on their website.