American Water Works Company, Inc - AWK STOCK NEWS

California American Water will host free virtual workshops to educate customers about assistance programs for low-income households, including payment arrangements and conservation efforts. The sessions aim to help customers navigate financial challenges exacerbated by COVID-19. Key topics include the Customer Assistance Program, budget billing, and water-saving initiatives. The workshops are scheduled for Nov. 17 and Nov. 18 for Southern and Northern California customers, respectively. Participants can attend via Microsoft Teams and learn to apply for assistance to manage their water bills better.

The Virginia State Corporation Commission (SCC) approved new rates for Virginia American Water effective retroactively from May 1, 2019, impacting residential, commercial, and industrial customers in several areas. The rate changes reflect approximately $98 million in infrastructure investments since 2017. Average monthly increases include $3.64 in Alexandria and $0.63 in Prince William, while a decrease of $14.43 is noted in the Eastern area. Consolidated tariffs are being gradually implemented to stabilize future rates for all customers.

California American Water has refiled its application for the Monterey Peninsula Water Supply Project, seeking a Coastal Development Permit for a new desalination facility. The company has made changes based on feedback from local stakeholders to enhance community support. Key benefits for the City of Marina include the ability to receive water from the project, a franchise fee agreement, and restoration of the former sand mining site. The project aims to address water supply issues while complying with state restrictions on Carmel River pumping. Approval from the California Coastal Commission is pending.

On Tuesday, residents of Garden City overwhelmingly voted (over 86%) for Missouri American Water to provide water and sewer services. This decision will connect an additional 655 water and 611 sewer customers, pending approval by the Missouri Public Service Commission. Deborah Dewey, president of Missouri American Water, expressed gratitude for the support, emphasizing the commitment to quality service. Mayor Marc Walton highlighted that this partnership will ensure necessary investments in infrastructure, improving water quality and regulatory compliance for the community.

American Water Works Company (NYSE:AWK) reported a 9.8% increase in earnings per share for Q3 2020, reaching $1.46. The company invested $450 million, mainly in regulated businesses, and added over 47,000 customers through acquisitions and organic growth. They secured a water and wastewater contract with Joint Base Lewis-McChord, expanding military services. Full-year earnings guidance has been raised to $3.87-$3.93 per share, influenced by favorable weather conditions and operational improvements, despite some adverse impacts from COVID-19.

Illinois American Water is investing $1.5 million to replace over 6,000 feet of outdated water main in Centreville, originally installed in the 1950s. The upgrade aims to enhance water flow and pressure for improved quality and fire protection. Construction started last month and is expected to finish by January 2021, with customer service line connections planned for later in the year. The water main replacement program addresses aging infrastructure and supports reliable service to approximately 1.3 million customers in the state.

Illinois American Water is investing $4.5 million to implement Ultraviolet (UV) disinfection technology at the Alton water treatment plant. This initiative aims to enhance drinking water safety by eliminating chlorine-resistant pathogens. The new system, expected to be operational by year-end, will help comply with EPA regulations. Director Brent O’Neill emphasizes the commitment to water quality, highlighting that the company consistently exceeds EPA standards. This upgrade follows a long history of providing high-quality water services to approximately 1.3 million residents.

The New Jersey Board of Public Utilities has approved changes to New Jersey American Water's base water and wastewater rates. Customers will receive a $32.5 million credit over 10 months from excess deferred income taxes, offsetting a $39 million annual increase in base rates. The average water customer's bill will rise by about $2.56 per month, while wastewater customers will see an increase of approximately $2.52. However, most residential customers using 5,400 gallons will experience little change in their bills until August 31, 2021.

Pennsylvania American Water announced a significant increase in its annual Firefighting Support Grant Program, awarding $140,000 to 144 fire and rescue organizations across Pennsylvania. The funding aims to assist fire departments facing challenges due to COVID-19. This year, the company fully funded every eligible grant request, emphasizing its commitment to community support. Since the program's inception in 2009, the company has donated over $640,000 to aid local fire departments. The announcement aligns with National Fire Safety Month.