California Wtr Svc Group Stock Price, News & Analysis

California Water Service (CWT) has been granted a ruling by the California Public Utilities Commission (CPUC) to implement modified interim rates starting April 15, 2023. This allows a 4% rate increase across most districts, which is crucial for funding necessary infrastructure improvements. The ruling aims to mitigate future surcharges that may arise from delayed decisions regarding the company's General Rate Case (GRC). CWT emphasizes the positive impact of inflation considerations in this decision, which helps balance the financial needs of both the utility and its customers.

California Water Service Group (NYSE: CWT) will release its fourth quarter and year-end 2022 earnings results on March 1, 2023. A conference call for stockholders and investors is scheduled for March 2, 2023, at 11:00 a.m. ET. Interested participants can join by dialing 1-800-715-9871 or 1-646-307-1963 and entering ID# 3437186. The call will feature company executives, including President and CEO Martin A. Kropelnicki, and a slide presentation will be available on its website prior to the call. A replay of the call will be accessible from March 2, 2023, through May 1, 2023.

California Water Service (Cal Water) has partnered with Promise to provide customizable, interest-free payment plans for residential customers with past-due water bills. This new program allows customers to avoid water service interruptions by managing their debts more flexibly. The PromisePay portal offers various payment options and plan management features, enhancing customer convenience. CEO Martin A. Kropelnicki emphasized the company's commitment to affordable water service. The initiative aims to empower residents financially, making it easier to settle outstanding balances and maintain access to essential water services.

California Water Service Group (NYSE: CWT) announced the appointment of Shawn C. Bunting as Vice President, General Counsel, and Corporate Secretary, effective March 1, 2023. He succeeds Lynne P. McGhee, who is retiring after over 19 years. Bunting has nearly 15 years of experience at American Water Works Company, where he held roles including Senior Vice President and led a team of attorneys. His legal expertise in the regulated utility sector is expected to benefit California Water. The company emphasizes its commitment to quality service and sustainability for over 2 million customers across multiple states.

New Mexico Water Service, a subsidiary of California Water Service Group (CWT), has signed an agreement to acquire the assets of Lake Section Water Company in Chapparal, N.M. This purchase, pending regulatory approval, will establish New Mexico Water as the largest investor-owned water utility in New Mexico, expanding its service to approximately 16,000 connections. The acquisition encompasses a customer base of 5,000 connections located about 110 miles from its existing Elephant Butte system. This transaction continues Group's trend of growth, with over 42,000 connections added since 2019.

The California Water Service Group (NYSE: CWT) has announced an increase in its annual dividend by $0.04, marking a 4.0% rise from $1.00 to $1.04 per share. This increase reflects the company's commitment to returning value to its shareholders, representing the 56th consecutive annual dividend increase. The next quarterly dividend of $0.26 will be paid on February 17, 2023, to stockholders recorded by February 6, 2023. California Water Service Group serves over 2 million customers across multiple states, including California and Texas, as a utility holding company.

California Water Service (CWT) reports a significant achievement in water conservation, with customers reducing water use by 16.5% in December 2022 compared to December 2020, exceeding the state's 15% conservation target. This marks the eighth consecutive month of water savings, with 11 districts achieving reductions above 15%. Top performers include Westlake at 46% and Los Altos at 37.3%. Despite recent wet conditions, CWT emphasizes the importance of ongoing conservation efforts due to unpredictable weather patterns. The company also promotes incentives for water-efficient appliances and landscaping modifications to maintain sustainable practices.

California Water Service Group (CWT) has launched its 10th annual College Scholarship Program, offering $80,000 in awards for students in its service areas across California, Hawaii, New Mexico, and Washington. The program includes four $10,000 grand-prize scholarships and additional awards ranging from $2,500 to $5,000. Eligible applicants must be enrolling in a full-time undergraduate program for the 2023-24 academic year, with selection based on academic achievement, community service, and financial need. This initiative is part of CWT's stockholder-funded philanthropic giving, totaling $600,000 awarded since inception. The application deadline is March 30, 2023.