American Water Works Company, Inc - AWK STOCK NEWS

American Water Works Company (AWK) announced the retirement of Chief Growth Officer William Varley, effective immediately, due to health reasons. CEO Walter Lynch expressed gratitude for Varley's contributions, particularly in enhancing the company's growth strategy. American Water is focused on expanding its regulated businesses, currently serving over 86,000 customers across eight states, with a significant acquisition planned in York, Pennsylvania, expected to add over 45,000 customer connections. The firm has raised its earnings growth forecast for 2021-2025 to 1.5%-2.5%, emphasizing a solid growth trajectory.

Pennsylvania American Water has awarded $1,000 scholarships to 10 students from across Pennsylvania through its Stream of Learning program. This initiative supports students pursuing studies critical to the water and wastewater industry. Scholarship recipients were evaluated based on academic achievement, community service, career aspirations, and recommendations. Over the past 12 years, the company has awarded 120 scholarships to foster future leaders in environmental stewardship, serving approximately 2.4 million people in Pennsylvania.

Pennsylvania American Water, a subsidiary of American Water (NYSE: AWK), has finalized its acquisition of the wastewater system assets of Royersford Borough for $13 million. This system serves nearly 1,600 customers in Royersford and Upper Providence Township. The Pennsylvania Public Utility Commission approved the acquisition, which includes a commitment to invest $1.6 million in system improvements over five years. The acquisition allows for better service efficiency and long-term investments, while existing rates will be adopted, changing billing from quarterly to monthly.

Missouri American Water has announced the promotion of Jeffrey T. Kaiser to Vice President of Operations. Kaiser will oversee the strategic management of the company’s water and wastewater systems across Missouri. With over 30 years of engineering experience, he aims to enhance customer service and system reliability while ensuring clean and safe drinking water. Kaiser, who joined the company in 2008, previously served as Director of Engineering for various American Water subsidiaries. Missouri American Water serves approximately 1.5 million people in the state.

Pennsylvania American Water and Upper Pottsgrove Township will hold a public hearing regarding Pennsylvania American Water's application to acquire the wastewater system assets serving approximately 1,500 customers. This acquisition aims to alleviate the Township's financial burden associated with upgrading the aging system to meet strict regulations. The hearing is scheduled for June 2, 2021, via phone. The proposed acquisition may impact future rates for customers, and those wishing to testify must pre-register by June 1, 2021.

American Water (NYSE: AWK) has announced a $250,000 donation to support LUCY Outreach’s capital campaign for a new youth activity center in Camden, NJ. This 10,000 square foot facility aims to enhance services for low-income youth and young adults. The partnership exemplifies American Water's commitment to community engagement and philanthropy, reflecting a history of collaboration with LUCY Outreach. Previous donations include $25,000 for recovery from a robbery affecting a youth program. American Water serves 15 million people across 46 states, emphasizing its dedication to safe and reliable water services.

Illinois American Water is investing over $2.7 million to enhance the Pontiac area's water system, which includes rehabilitating six filters at the water treatment plant and replacing approximately 3,300 feet of water main. The filter upgrades, started in 2019, will ensure high-quality water service by 2021. The water main replacement, commencing mid-summer and expected to finish in the fall, will improve water flow and pressure, enhancing service reliability. Illinois American Water allocates $70-$125 million annually for infrastructure improvements across the state.