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.
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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.
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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.
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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.
American Water (NYSE: AWK) has been recognized in the NYSE’s Global Giving Campaign for its long-standing partnership with Water For People. The company has donated over $3 million to improve global water and sanitation access over the past decade. Susan Hardwick, CEO of American Water, emphasized the importance of this collaboration in promoting clean water initiatives. The campaign includes participation from over 200 listed companies, with American Water featured on the Global Giving Campaign website and honored with a custom ornament displayed at the NYSE.
New Jersey American Water celebrated the graduation of 13 participants from its Water Utility Pipeline (Water UP!) training program in Plainfield, aimed at developing talent for the water utility industry. The 11-week program, conducted in partnership with Apex Solutions Group, included hands-on training and essential business skills. This initiative, part of a broader workforce development strategy, seeks to empower individuals from underserved communities, providing them with career paths in water and wastewater services. The program began in Camden in September 2021.
The California Coastal Commission approved a development permit for intake slant wells to support California American Water's proposed desalination plant on November 17, 2022. This marks a crucial step in addressing the Monterey Peninsula's water supply crisis. The project aims to diversify water sources, alleviate pressure on the Carmel River Aquifer, and support new housing and economic development. Construction is expected to start in 2024, with the plant operational by the end of 2027, utilizing renewable energy sources and promising a community benefit of $3 million for local residents.