California American Water Applies for New Revenue to Fund Infrastructure and Service Improvements
American Water Works Company, Inc. (AWK)
Last american water works company, inc. earnings: 2/18 04:37 pm
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ir.amwater.com
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Source: Business Wire
SAN DIEGO--(BUSINESS WIRE)--California American Water has filed an application to set new rates in each of its service areas for 2021 through 2023. The new rates would take effect January 1, 2021, pending approval by the California Public Utilities Commission.This application is seeking to raise revenue by approximately $46.5 million over three years, beginning with a $26.0 million increase proposed for January 1, 2021. This increase is based on 2019 authorized revenues calculated at current rates and amounts to an approximately 10.6 percent increase in revenue for the company. Specific increases for each service area or the “rate design” are included in the filing.“Our proposal is driven by the needs of our customers as well as our need to upgrade and maintain our infrastructure,” said Rich Svindland, president of California American Water. “We want to continue to provide customers excellent value for their water service and maintain our systems to provide high-quality water serv
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