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 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.
Hawaii Water Service, a subsidiary of California Water Service Group (CWT), has reached an agreement to acquire the wastewater system assets of Keauhou Community Services, Inc. (KCSI). This deal will enable Hawaii Water to offer wastewater services to over 1,500 customers in the Keauhou region, including several commercial entities and local parks. The acquisition is pending due diligence and approval from the Hawaii Public Utilities Commission. Hawaii Water has been managing the Keauhou system since 2018 and aims to enhance local infrastructure for improved service reliability.
California Water Service Group (NYSE: CWT) has announced the promotion of Michael B. Luu to Vice President, Information Technology and Chief Risk Officer, effective January 1, 2021. Luu, who has been with the company since 1999, will oversee IT, cyber security, and emergency preparedness. Previously serving as Vice President of Customer Service and Chief Information Officer, Luu's experience includes roles that enhance the company's focus on safety and security for customers and shareholders. This strategic move reflects the Group's commitment to risk management.
California Water Service Group (CWT) has announced the promotion of Shannon C. Dean to Vice President, Customer Service and Chief Citizenship Officer, effective January 1, 2021. Dean will manage various functions, including water sustainability and corporate social responsibility (CSR). She has held multiple roles since joining the company in 1991 and has been a VP since 2015. The promotion highlights CWT's commitment to improving customer experience and CSR initiatives, aligning with their Environmental, Social, and Governance (ESG) framework.
California Water Service Group (CWT) announced the promotion of Michelle R. Mortensen to Vice President and Corporate Secretary, effective January 1, 2021. Mortensen, who has been with the company since 2008 and served as Corporate Secretary since 2015, will oversee internal audit and stock administration while aiding the Board of Directors. Her extensive experience in accounting, finance, and regulatory compliance positions her as a strong fit for this role. CWT provides water service to over 2 million customers across multiple states.
California Water Service Group (CWT) announced the promotion of Michael S. Mares, Jr. to Vice President, Operations, effective January 1, 2021. Mares, who has been with the company for nearly three decades, will oversee operations in California, Hawaii, New Mexico, and Washington. His extensive experience includes previous roles as Local Manager in Hawaii and District Manager in Bakersfield. CEO Martin A. Kropelnicki affirmed that Mares's leadership will enhance operational efficiency and ensure reliable water supply for over 2 million customers.
The California Public Utilities Commission (CPUC) has approved California Water Service's (CWT) 2018 General Rate Case and Infrastructure Improvement Plan. This decision allows CWT to invest $828 million to enhance water infrastructure and permits a revenue increase of $4.4 million for 2020 and up to $20.9 million in 2021, contingent on CPUC's escalation earnings test. The approval also supports the continuation of decoupling balancing accounts through 2022. CWT aims to provide reliable water service to nearly 2 million customers in California.
California Water Service Group (NYSE: CWT) announced a Q3 2020 net income of $96.4 million ($1.94 per diluted share), a significant increase from $42.4 million ($0.88 per diluted share) in Q3 2019. This growth is attributed to interim rate recovery and regulatory assets from the California 2018 General Rate Case. Total operating revenues rose to $304.1 million from $232.5 million, while operating expenses increased by 9.4% to $198.0 million. Liquidity remains strong with $113.3 million in cash. The proposed decision from the CPUC could further enhance regulatory conditions.
Hawaii Water Service, a subsidiary of California Water Service Group (CWT), has completed the acquisition of Kalaeloa Water Company from Hunt Companies Inc., expanding its service area in Kapolei, Honolulu. This utility serves a 3,700-acre area formerly known as Barbers Point Naval Air Station. The company aims to maintain reliable water and wastewater services for residential and commercial customers in the region. CEO Martin Kropelnicki expressed commitment to delivering high-quality utility services to Kalaeloa residents.
California Water Service (CWT) announced plans to acquire the wastewater system assets of Gunner Ranch Inc., serving southern Madera County, including Valley Children’s Hospital. The acquisition will enable the new Gunner Ranch West system to support a planned development of 2,840 residential units and commercial facilities. Expected to close by early 2021, this strategic move signifies Cal Water's expansion in the growing Madera County region, ensuring reliable wastewater services for local communities.
The California Water Service Group (NYSE: CWT) has announced the declaration of its 303rd consecutive quarterly dividend at $0.2125 per common share. This dividend is set to be paid on November 20, 2020, to shareholders on record by November 9, 2020. The group serves approximately 2 million customers across various states including California, Washington, New Mexico, and Hawaii. The company remains committed to providing water services while navigating potential risks such as regulatory changes and environmental standards.