AWR keeps 7.93% authorized return as CPUC defers capital filing

American States Water Company, through its subsidiary Golden State Water Company (GSWC), announced that the California Public Utilities Commission approved a one-year deferral of GSWC’s next cost of capital application.

Rhea-AI Filing Summary

American States Water Company, through its subsidiary Golden State Water Company (GSWC), announced that the California Public Utilities Commission approved a one-year deferral of GSWC’s next cost of capital application. GSWC was scheduled to file this application on May 1, 2026, but the date has been postponed to May 1, 2027, with a corresponding effective date of January 1, 2028. The current Water Cost of Capital Mechanism will remain in place during the deferral period.

GSWC’s currently authorized rate of return on rate base is 7.93%, which will continue through December 31, 2027. This is based on a return on equity of 10.06%, an embedded cost of debt of 5.1%, and a capital structure consisting of 57% equity and 43% debt. The decision effectively keeps GSWC’s existing capital cost assumptions and earnings framework stable for an additional year.

Insights

Regulated utilities and rate-making analyst

CPUC deferral extends GSWC’s current 7.93% authorized return through 2027.

The CPUC’s decision allows Golden State Water Company to delay its next cost of capital application from May 1, 2026 to May 1, 2027, with new terms to take effect on January 1, 2028. During this period, the existing Water Cost of Capital Mechanism stays in force, and the current authorized rate of return framework remains unchanged.

GSWC keeps a 7.93% authorized rate of return on rate base through December 31, 2027, built from a 10.06% return on equity and 5.1% embedded cost of debt, with a 57% equity and 43% debt capital structure. For a regulated utility, this provides clarity on allowed earnings and financing assumptions over the next two years.

Actual financial outcomes will still depend on GSWC’s ability to earn its authorized return through operational performance and on any future CPUC determinations after the deferred filing becomes effective on January 1, 2028.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

What did the CPUC approve for American States Water Company (AWR)?

The CPUC approved a one-year deferral of Golden State Water Company’s next cost of capital application, moving the filing date to May 1, 2027 with a corresponding effective date of January 1, 2028.

How does the CPUC decision affect Golden State Water Company’s cost of capital?

Golden State Water Company’s current Water Cost of Capital Mechanism will remain in place during the deferral, keeping the existing authorized rate of return structure in effect until the new terms begin on January 1, 2028.

What is Golden State Water Company’s current authorized rate of return?

Golden State Water Company’s current authorized rate of return on rate base is 7.93%, which will continue through December 31, 2027.

What are the components of the 7.93% authorized return for GSWC?

The 7.93% authorized return on rate base includes a 10.06% return on equity, an embedded cost of debt of 5.1%, and a capital structure of 57% equity and 43% debt.

Why was the cost of capital application deferred for AWR’s Golden State Water Company?

On November 10, 2025, Golden State Water Company and three other investor-owned California water utilities jointly requested an extension of the deadline to file their cost of capital applications, and the CPUC approved this deferral.

Does the CPUC decision change American States Water Company’s current earnings framework?

The decision keeps Golden State Water Company’s existing authorized rate of return of 7.93% and current Water Cost of Capital Mechanism in place through December 31, 2027, maintaining the present earnings framework over that period.

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Accepted by SEC EDGAR 11/19/2025 - 04:31 PM Learn about SEC filing dates

0001056903false0000092116false00010569032025-11-182025-11-180001056903awr:GoldenStateWaterCompanyMember2025-11-182025-11-18

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (date of earliest event reported): November 18, 2025

AMERICAN STATES WATER COMPANY

(Exact name of registrant as specified in its charter)

California			001-14431						95-4676679
(State or other jurisdiction of incorporation or organization)			(Commission File Number)						(I.R.S. Employer Identification No.)
630 East Foothill Blvd.			San Dimas			CA			91773-1212
(Address of Principal Executive Offices)									(Zip Code)

(909) 394-3600

Registrant's telephone number, including area code

GOLDEN STATE WATER COMPANY

(Exact name of registrant as specified in its charter)

California			001-12008						95-1243678
(State or other jurisdiction of incorporation or organization)			(Commission File Number)						(I.R.S. Employer Identification No.)
630 East Foothill Blvd.			San Dimas			CA			91773-1212
(Address of Principal Executive Offices)									(Zip Code)

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
American States Water Company Common Shares			AWR			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Section 8 – Other Events

Item 8.01. Other Events.

San Dimas, California, November 19, 2025. . . American States Water Company (NYSE: AWR) announced today that on November 18, 2025, the California Public Utilities Commission (“CPUC”) approved a request to defer the cost of capital application by another year for AWR’s wholly owned subsidiary, Golden State Water Company (“GSWC”). GSWC was scheduled to file its next cost of capital application on May 1, 2026. On November 10, 2025, GSWC, along with three other investor-owned California water utilities, requested a further extension of the date by which each of them must file their cost of capital applications. The CPUC’s approval postponed this filing date by one year until May 1, 2027, with a corresponding effective date of January 1, 2028. The CPUC also approved the joint parties’ request to leave the current Water Cost of Capital Mechanism in place through the one-year deferral period.

GSWC’s current authorized rate of return on rate base is 7.93%, based on its weighted cost of capital, which will continue in effect through December 31, 2027. The 7.93% return on rate base includes a return on equity of 10.06%, an embedded cost of debt of 5.1%, and a capital structure with 57% equity and 43% debt.

A copy of the Company’s press release is attached hereto as Exhibit 99.1. This Form 8-K and the attached exhibit are furnished to, but not filed with, the Securities and Exchange Commission.

Section 9 – Financial Statement and Exhibits

Item 9.01. Financial Statements and Exhibits

Exhibit No.			Description
99.1			Press Release: American States Water Company Announces CPUC’s Approval to Defer the Cost of Capital Application at Golden State Water Company

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			AMERICAN STATES WATER COMPANY:
November 19, 2025			/s/ Eva G. Tang
			Eva G. Tang Senior Vice President-Finance, Chief Financial Officer, Corporate Secretary and Treasurer

			GOLDEN STATE WATER COMPANY:
November 19, 2025			/s/ Eva G. Tang
			Eva G. Tang Senior Vice President-Finance, Chief Financial Officer and Secretary