California Water Service Group reports developments for a regulated water and wastewater utility holding company serving California, Hawaii, New Mexico, Washington, and Texas. Its subsidiaries include California Water Service, Hawaii Water Service, New Mexico Water Service, Washington Water Service, and Texas Water Service, a utility holding company.
Recurring news centers on California Public Utilities Commission rate-case decisions, infrastructure improvement plans, water system investment, quarterly earnings, dividend declarations, and updates tied to safe, reliable service. Company releases also address regulatory mechanisms, operating results, sustainability initiatives, and corporate governance or recognition items.
California Water Service Group (NYSE: CWT) will announce its fourth quarter and year-end 2022 earnings results on February 24, 2022, at 9:00 a.m. ET, followed by a conference call at 11:00 a.m. ET. Investors and stakeholders can join via phone or access the audio webcast on the company's website. The call features key executives, including CEO Martin A. Kropelnicki and CFO Thomas F. Smegal. A replay will be available after the call. The company serves over 2 million people across multiple states.
California Water Service Group's subsidiary, New Mexico Water Service, has received approval from the New Mexico Public Regulation Commission to acquire Valencia Mesa, LLC, known as the Hi Mesa water system. This acquisition will extend regulated water utility services to approximately 85 customer connections in unincorporated Valencia County. The transaction is expected to close by the end of 2021, contingent upon the fulfillment of conditions outlined in the purchase agreement. CEO Martin A. Kropelnicki expressed appreciation for the regulatory review process and anticipates continued quality service for Hi Mesa customers.
California Water Service has applied for and secured $20.8 million from the California Water and Wastewater Arrearage Payment Program to assist customers facing financial hardship due to pandemic-related past-due water bills.
Administered by the State Water Resources Control Board, these funds will be credited to affected customers' accounts within two months. This initiative, part of the American Rescue Plan Act, aims to support customers struggling since March 2020. Additionally, Cal Water offers payment plans and assistance programs to further help customers manage their bills.
California Water Service Group (CWT) declared a quarterly dividend of $0.25 per share, reflecting an annual increase of $0.08 or 8.7%, bringing the total annual dividend to $1.00. This marks the company's 308th consecutive quarterly dividend and the 55th annual increase. The dividend will be payable on February 18, 2022, to stockholders of record by February 7, 2022. With regulated utilities serving over 2 million customers across multiple states, California Water Service Group continues to demonstrate commitment to shareholder returns.
California Water Service Group (NYSE: CWT) has launched its ninth annual College Scholarship Program, offering $80,000 in scholarships to students in its service areas across California, Hawaii, New Mexico, and Washington. The program includes four $10,000 scholarships and additional awards ranging from $2,500 to $5,000. Scholarships will be based on academic performance, community service, and financial need. Applications are open until March 31, 2022, with winners announced in the summer. This initiative is part of the company’s stockholder-funded philanthropic efforts.
California Water Service Group has announced a total of $600,000 in donations to local food banks and community organizations as part of its commitment to enhance community quality of life. Key donations include $200,000 to the Chico Housing Action Team for the Everhart Village project, providing housing for behavioral health clients, and $200,000 to the Boys & Girls Clubs of Greater Sacramento for a STEM lab serving at-risk youth. The remaining funds will support various food banks across multiple states.
California Water Service (CWT) has pledged $200,000 to the Monterey Bay National Marine Sanctuary Foundation to support youth education on marine conservation. Announced at a holiday reception, this donation marks the Foundation’s largest contribution ever received. The partnership aims to engage socio-economically challenged areas served by Cal Water, enhancing environmental stewardship among youth. Notable figures like Secretary Leon Panetta and Cal Water President Martin Kropelnicki expressed optimism about fostering future generations of environmental stewards.
California Water Service (Cal Water) has awarded $174,500 through its third annual Firefighter Grant Program to eight fire departments to enhance their firefighting capabilities. Recipients include departments from Chico, Dixon, Kern County, Los Angeles County, Oroville, Selma, South San Francisco, and Willows. The grants will fund essential equipment such as rescue rafts, hoses, hydraulic tools, and personal protective gear aimed at improving the safety of first responders and the communities they serve. This initiative underscores Cal Water's commitment to supporting local firefighters while ensuring customer rates remain unaffected.
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California Water Service Group (NYSE:CWT) has announced key leadership changes to enhance operational efficiency. Greg A. Milleman will become Vice President, Rates & Regulatory Affairs, overseeing regulatory matters across California, Hawaii, New Mexico, and Washington starting January 1, 2022. Paul G. Townsley transitions to Vice President, Corporate Development, focusing on growth strategy. Michelle R. Mortensen is promoted to Vice President, Corporate Secretary, and Chief of Staff. Additionally, Elissa Y. Ouyang and Ronald D. Webb will take on new roles as Vice Presidents, reflecting the company's commitment to recognizing talent.