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Indiana American Water has acquired the Claypool water system for $700,000, adding approximately 150 customers and serving a population of over 400 residents. This acquisition aims to stabilize future water rates and enhance service quality, benefiting from economies of scale. The Indiana Utility Regulatory Commission approved the transaction on February 22, 2023, with closure on March 28, 2023. Company officials emphasize that the acquisition will allow for necessary improvements and operational efficiencies, providing Claypool with access to a wider range of customer service options.
Positive
Acquisition strengthens market presence in Indiana.
Expected to stabilize water rates for Claypool customers.
Access to improved operational management and capital resources.
Enhances customer service options and payment methods.
Negative
None.
GREENWOOD, Ind.--(BUSINESS WIRE)--
Indiana American Water President Matt Prine today announced the company’s acquisition of the Claypool water system in northern Indiana. The purchase of the system adds approximately 150 water customers to the company’s customer base, which represents a population of more than 400 residents.
“The acquisition of this system will help hold future rates down for Claypool customers as needed investments are made and also provides access to operations and capital management water professionals and a number of customer service options and payment methods,” said Prine. “Indiana American Water already provides water service to several nearby communities, so this is a good fit for us and a continuation of our efforts to expand our presence across Indiana.”
The acquisition of the Claypool water system for $700,000 was approved by the Indiana Utility Regulatory Commission on February 22, 2023 and closed by Indiana American Water and the Town of Claypool on March 28, 2023.
According to Claypool Town Council President Benny Stage, “Claypool customers will benefit from Indiana American Water’s experience and expertise and the company’s large customer base across the state will provide much greater economies of scale and future rate stability by keeping water rates lower than they would have been as a small, stand-alone system.
“The business of providing water is getting more complicated every day, especially for smaller systems like ours that struggle with evolving regulatory issues and not having the scale to gain efficiencies in our operations,” said Stage. “The sale will also facilitate much needed improvements to the system and allow us to focus on other community needs.”
About Indiana American Water
Indiana American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water and wastewater services to more than 1.3 million people. With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs approximately 6,500 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to an estimated 14 million people in 24 states. American Water provides safe, clean, affordable, and reliable water services to our customers to help keep their lives flowing. For more information, visit amwater.com and diversityataw.com. Follow American Water on Twitter, Facebook and LinkedIn.
What is the significance of Indiana American Water's acquisition of the Claypool water system?
The acquisition is significant as it expands Indiana American Water's customer base and provides operational efficiencies that can stabilize water rates for residents.
When was the acquisition of the Claypool water system approved?
The acquisition was approved by the Indiana Utility Regulatory Commission on February 22, 2023.
How much did Indiana American Water pay for the Claypool water system?
Indiana American Water paid $700,000 for the Claypool water system.
What benefits will Claypool customers experience after the acquisition?
Claypool customers will benefit from lower water rates, improved service options, and investments in system upgrades.
What is the expected impact of this acquisition on Indiana American Water's operations?
The acquisition is expected to enhance Indiana American Water's operational efficiency and customer service capabilities, reinforcing its position in the state.
