American Water Works Company, Inc - AWK STOCK NEWS

Illinois American Water has acquired the Concordia Water Cooperative's water distribution system for $1.7 million, adding around 150 customers in the Metro East area. This strategic move follows a vote by the cooperative in July 2019 and approval from the Illinois Commerce Commission. Customers can expect their bills to decrease by approximately $50.25 monthly due to the removal of infrastructure reimbursement costs. The company, which has over 145 years of service history, plans to enhance the water distribution system for improved reliability and customer satisfaction.

California American Water announced a total investment exceeding $68 million in system upgrades for 2020, aimed at enhancing water and wastewater services. Despite challenges from COVID-19, the company completed projects such as pump stations and well rehabilitations across various locations, ensuring reliable services. Over the next two years, they plan to invest $143 million in further infrastructure improvements. This commitment underscores their goal to provide safe and reliable services to over 680,000 residents, particularly crucial during the pandemic.

California American Water allocated over $3 million to support community organizations and customers amidst the pandemic's economic challenges in 2020. The company donated more than $400,000 directly to local nonprofits and contributed over $19,000 for sustainable initiatives. Additionally, it provided $2.6 million to customers through its Customer Assistance Program, with a 30% increase in enrollment. The company also suspended all non-payment shutoffs and ceased collection efforts, reinstating services to previously shutoff customers.

Pennsylvania American Water has launched its 2021 Stream of Learning Scholarship Program, offering $1,000 scholarships to 10 high school seniors pursuing careers in the water and wastewater industry. To qualify, applicants must reside in a Pennsylvania American Water service area, plan to attend a college or technical school, and study fields like engineering, environmental science, or chemistry. Applications are due by April 2, 2021, with winners announced in May.

Illinois American Water has invested around $1.1 million in upgrades to the City of Rosiclare's water and wastewater systems within the first eight months of acquisition. This is part of a larger $5 million investment plan for the next five years. Key improvements include upgraded security, new technologies to enhance reliability, and installation of backup generators to ensure continuous service during power outages. The company prioritizes employee safety and water quality, exceeding EPA standards, and aims to provide the best services to its customers.

American Water (NYSE: AWK) has opened applications for its 2021 Environmental Grant Program, aimed at funding community-based environmental projects across 10 states, including Illinois, Indiana, and New Jersey. This program, established in 2005, has previously funded 42 projects in a single year, totaling about $141,000. Cheryl Norton, Chief Environmental Officer, emphasized the company's commitment to minimizing environmental impact while providing essential water services. Applications must be submitted by March 31, 2021.