American Water Works Company, Inc - AWK STOCK NEWS

American Water (NYSE: AWK) announced the reinstatement of Walter Lynch as CEO, effective January 31, 2022, following his recovery from a recent injury. Chairman Karl Kurz expressed satisfaction with Lynch's return, highlighting the company's business continuity during his absence. Susan Hardwick, who served as Interim CEO, remains as Executive Vice President and Chief Financial Officer. American Water, established in 1886, serves approximately 14 million people across 25 states, providing essential water and wastewater services.

California American Water has requested customers in the Garrapata service area to reduce water use to aid firefighting efforts due to the ongoing Palo Colorado fire that began on January 21, 2022, near Big Sur. Customers are asked to limit indoor water consumption to essential uses and discontinue all outdoor irrigation. Notification has been sent via phone, text, and email. The company aims to maintain sufficient water availability for emergency responders during this critical situation.

Pennsylvania American Water urges homeowners to prepare for impending cold weather to prevent frozen pipes. The company released a Winter Tips video highlighting preventative measures against costly household damages due to frozen pipes. Key recommendations include familiarizing yourself with freezing-prone areas, insulating pipes, and allowing a trickle of water to run from vulnerable pipes. In case of frozen pipes, they stress shutting off the water immediately and applying heat cautiously. Pennsylvanians are encouraged to clear snow around fire hydrants, aiding emergency response.

American Water (NYSE: AWK), the largest publicly traded U.S. water utility, has been included in Corporate Knights’ Global 100 list for sustainability leadership for the third consecutive year. The company is ranked sixth overall and is the top water utility on the list. This recognition is attributed to American Water's commitment to environmental, social, and governance (ESG) goals, as emphasized by interim CEO Susan Hardwick. The Global 100 ranking assesses 6,914 companies with revenues exceeding $1 billion, highlighting the correlation between strong ESG performance and investor returns.

Missouri American Water is investing $52 million to replace nearly 95,000 feet of aging water mains in St. Louis County. The project aims to improve service reliability and enhance fire protection. Construction will begin in January 2022 and is expected to run until May 2022, with completion of service line transfers and street restoration anticipated by July 2022. Major thoroughfares affected include N. Lindbergh Boulevard and Page Avenue. This initiative will benefit approximately 1.5 million customers.

New Jersey American Water has filed a petition with the New Jersey Board of Public Utilities for new rates due to over $985 million in infrastructure investments since the last rate review. The upgrades aim to enhance water quality and service reliability for 2.8 million customers. Proposed rate increases include $6.78 for average residential water bills and varying increases for sewer services. The rate request will undergo a thorough review process taking at least nine months, with final decisions made by the BPU.

Illinois American Water is investing $4 million to install Ultraviolet (UV) disinfection technology at its Streator water treatment plant. This upgrade will enable the facility to treat up to 6 million gallons of water daily, enhancing the safety of drinking water for local residents and businesses. Scheduled for completion this summer, the project aims to meet the EPA's Long Term 2 Enhanced Surface Water Treatment Rule. The new UV reactors will effectively address chlorine-resistant pathogens, reinforcing Illinois American Water's commitment to delivering high-quality water.

American Water Works Company (NYSE: AWK) has completed the sale of its regulated operations in New York to Liberty Utilities for $608 million in cash. Announced on November 20, 2019, and approved by the New York State Department of Public Service on December 16, 2021, this strategic divestiture is aimed at enhancing value for customers and shareholders. The sale was finalized on January 1, 2022, further solidifying Liberty's presence in New York.