California Wtr Svc Group Stock Price, News & Analysis

California Water Service (CWT) has secured a grant of $4,274,800 from the State Department of Water Resources (DWR) as part of the Small Community Drought Relief Program. This funding aims to connect several disadvantaged communities near Middlefield Road in the Salinas Valley to Cal Water's system. The project will consolidate 195 customer connections across Gabilan, Lagunita, Trihorn, Livingston, Morris, and Martin, allowing for the installation of approximately 7,300 feet of water main. Cal Water, in partnership with the Rural Community Assistance Corps, plans to complete this project by the second quarter of 2025.

The initiative underlines Cal Water's commitment to providing reliable water services while enhancing community well-being.

California Water Service (CWT) is promoting the Low Income Household Water Assistance Program (LIHWAP), which provides financial aid up to $15,000 for eligible customers struggling to pay their water bills. This initiative underscores Cal Water's commitment to assisting low-income households. Customers can check their eligibility based on income and residency through local organizations. Additional assistance programs, including the Customer Assistance Program (CAP), PromisePay Payment Arrangements, and Payment Extensions, are available to help manage bills. CEO Martin A. Kropelnicki emphasized the importance of reliable and affordable water services. The LIHWAP, federally funded since December 2020, aims to ease utility costs for low-income Californians.

California Water Service Group (NYSE: CWT) is set to release its financial results for the first quarter of 2023 on April 27, 2023, at 9:00 a.m. ET. Following the release, a conference call will be held at 11:00 a.m. ET, where key executives including CEO Martin A. Kropelnicki and CFO Thomas F. Smegal will provide insights. Stakeholders are encouraged to join the call by dialing 1-800-715-9871 or accessing the audio webcast. A replay will be available from April 27 through June 26, 2023. The company operates several regulated utilities serving over 2 million customers across multiple states. Further details are accessible on their website.

California Water Service Group (CWT) has secured $600 million in unsecured revolving credit facilities for five years. Of this, $400 million is designated for its subsidiary, California Water Service Company, and $200 million for the Group and other subsidiaries. An incremental $150 million can be added for Cal Water and $50 million for the Group, subject to conditions. The funds will support working capital and short-term financing for capital investments. The facilities replace previous agreements, reflecting confidence from banks despite current banking sector challenges, supported by the Group's strong credit rating and balance sheet.

California Water Service (Cal Water) reported a water savings of 21.4% for February 2023 compared to February 2020, marking ten consecutive months of conservation efforts among customers.

Fourteen districts exceeded 15% savings, with Bear Gulch achieving a remarkable 39.4%. The utility is reviewing Governor Newsom's recent executive order that eases water-use restrictions, currently operating under Stage 2 of its Water Shortage Contingency Plan. Changes will depend on local water supply conditions and will require approval from the California Public Utilities Commission.

Customers can find updated information on water restrictions and conservation programs at calwater.com/conservation.

SAN JOSE, Calif., March 14, 2023 — California Water Service Group (CWT) is assessing the impact of a proposed national drinking water regulation by the U.S. EPA for certain PFAS compounds. The proposed regulation sets a maximum contaminant level of 4 ppt for PFOS and PFOA, and a combined hazard index limit of 1.0 for four other PFAS types. Cal Water has proactively tested its water sources and plans to comply with any final regulations. The company has also initiated a lawsuit against PFAS manufacturers to mitigate treatment costs and plans to seek grants. The regulation will undergo a 60-day public comment period before potential adoption.

On March 14, 2023, California Water Service Group's subsidiary, Washington Water Service, announced the acquisition of Bethel Greenacres Water Association's water system assets, following WUTC approval in February 2023. The acquisition includes 200 residential customer connections in Graham, Washington, adjacent to Washington Water’s East Pierce system. Since September 2022, Washington Water has been operating the Bethel Greenacres system under an agreement. The company plans to invest in the system to ensure reliable water service for daily and emergency needs. Martin A. Kropelnicki highlighted the commitment to providing quality service and value to the new customers.

California Water Service Group (CWT) reported a net income of $96.0 million for 2022, down from $101.1 million in 2021, with diluted earnings per share at $1.77, down from $1.96. The decrease was attributed to an $11.0 million drop in unrealized gains and increased financing costs of $1.1 million. Operating revenue rose $55.5 million to $846.4 million, mainly due to rate increases. However, total operating expenses surged 8.2% to $718.8 million. Fourth-quarter results showed a significant profit increase to $19.6 million from $3.5 million year-over-year, driven primarily by accrued unbilled revenue adjustments.