Welcome to our dedicated page for California Wtr Svc Group news (Ticker: CWT), a resource for investors and traders seeking the latest updates and insights on California Wtr Svc Group stock.
California Water Service Group (CWT) delivers essential water services across multiple U.S. states through regulated utilities and specialized subsidiaries. This page provides investors and stakeholders with authoritative updates on operational milestones, financial performance, and strategic initiatives shaping the company's role in the water utility sector.
Access timely press releases covering earnings reports, infrastructure investments, and regulatory compliance developments. Our curated collection ensures you stay informed about CWT updates including acquisitions like Kings Mountain, PFAS mitigation efforts, and rate case resolutions critical to understanding the company's financial trajectory.
Discover analysis of CWT's operational strategies across California, Texas, and other key markets. Content emphasizes infrastructure modernization projects, customer growth trends, and environmental stewardship initiatives while maintaining strict compliance with financial disclosure standards.
Bookmark this page for continuous access to CWT's latest news. Monitor how regulatory frameworks and capital expenditure programs impact long-term service reliability and shareholder value in the water utility industry.
California Water Service Group (CWT) has secured $600 million in unsecured revolving credit facilities for five years. Of this, $400 million is designated for its subsidiary, California Water Service Company, and $200 million for the Group and other subsidiaries. An incremental $150 million can be added for Cal Water and $50 million for the Group, subject to conditions. The funds will support working capital and short-term financing for capital investments. The facilities replace previous agreements, reflecting confidence from banks despite current banking sector challenges, supported by the Group's strong credit rating and balance sheet.
California Water Service (Cal Water) reported a water savings of 21.4% for February 2023 compared to February 2020, marking ten consecutive months of conservation efforts among customers.
Fourteen districts exceeded 15% savings, with Bear Gulch achieving a remarkable 39.4%. The utility is reviewing Governor Newsom's recent executive order that eases water-use restrictions, currently operating under Stage 2 of its Water Shortage Contingency Plan. Changes will depend on local water supply conditions and will require approval from the California Public Utilities Commission.
Customers can find updated information on water restrictions and conservation programs at calwater.com/conservation.
SAN JOSE, Calif., March 14, 2023 — California Water Service Group (CWT) is assessing the impact of a proposed national drinking water regulation by the U.S. EPA for certain PFAS compounds. The proposed regulation sets a maximum contaminant level of 4 ppt for PFOS and PFOA, and a combined hazard index limit of 1.0 for four other PFAS types. Cal Water has proactively tested its water sources and plans to comply with any final regulations. The company has also initiated a lawsuit against PFAS manufacturers to mitigate treatment costs and plans to seek grants. The regulation will undergo a 60-day public comment period before potential adoption.
On March 14, 2023, California Water Service Group's subsidiary, Washington Water Service, announced the acquisition of Bethel Greenacres Water Association's water system assets, following WUTC approval in February 2023. The acquisition includes 200 residential customer connections in Graham, Washington, adjacent to Washington Water’s East Pierce system. Since September 2022, Washington Water has been operating the Bethel Greenacres system under an agreement. The company plans to invest in the system to ensure reliable water service for daily and emergency needs. Martin A. Kropelnicki highlighted the commitment to providing quality service and value to the new customers.
California Water Service Group (CWT) reported a net income of $96.0 million for 2022, down from $101.1 million in 2021, with diluted earnings per share at $1.77, down from $1.96. The decrease was attributed to an $11.0 million drop in unrealized gains and increased financing costs of $1.1 million. Operating revenue rose $55.5 million to $846.4 million, mainly due to rate increases. However, total operating expenses surged 8.2% to $718.8 million. Fourth-quarter results showed a significant profit increase to $19.6 million from $3.5 million year-over-year, driven primarily by accrued unbilled revenue adjustments.
California Water Service (Cal Water) reported a 9.5% reduction in water usage among its customers for January 2023 compared to January 2020, marking nine months of consecutive savings. Notably, five districts achieved over 15% savings, with Westlake leading at 47.8%. Despite recent heavy rains, the company emphasizes ongoing conservation efforts due to the Governor's Executive Order and active Stage 2 of its Water Shortage Contingency Plan. Cal Water serves approximately 2 million people and is committed to sustainable practices, having been recognized as one of “America’s Most Responsible Companies” by Newsweek.
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.
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