Welcome to our dedicated page for California Water Service news (Ticker: CWT), a resource for investors and traders seeking the latest updates and insights on California Water Service stock.
California Water Service (Cal Water), a subsidiary of the California Water Service Group, is the largest investor-owned American water utility west of the Mississippi River. Founded in 1926 and headquartered in San Jose, California, Cal Water serves over 472,000 customers across 28 customer and operations centers in the state. The company is dedicated to the production, treatment, storage, distribution, and sale of water for residential, commercial, and industrial use.
Cal Water operates through regulated and unregulated businesses spread across California, New Mexico, Washington, Hawaii, and Texas. Its regulated utilities provide essential water services to millions, ensuring safe and reliable water supply, while unregulated subsidiaries offer utility services to private companies and municipalities.
Recent notable achievements include the assignment of a $1.21 billion investment from 2021 through 2024 for water infrastructure projects. This investment aims to enhance the reliability and safety of water services, addressing critical needs such as wildfire hardening and water supply reliability. Additionally, the California Public Utilities Commission (CPUC) recently approved a progressive rate design to benefit low-income customers and promote water conservation.
Financially, Cal Water faced challenges in 2023 due to regulatory delays affecting rate decisions. However, the company remains resilient with strong liquidity, having $85 million in cash and substantial short-term borrowing capacity. Despite a slight decrease in operating revenue in 2023, Cal Water managed to positively impact net income through increased income tax benefits and net other income.
Cal Water is also proactive in meeting environmental regulations, particularly concerning per- and polyfluoroalkyl substances (PFAS). The company has committed $215 million to PFAS treatment, ensuring compliance with new federal water quality standards. Additionally, the company has taken legal action against PFAS manufacturers to mitigate financial burdens on its customers.
The company’s community impact extends beyond water services. Cal Water secured $83 million to assist customers with past-due balances incurred during the COVID-19 pandemic, demonstrating a commitment to customer support during challenging times.
Cal Water's commitment to sustainability is evident in their recent ESG initiatives, targeting a 63% reduction in Scope 1 and Scope 2 greenhouse gas emissions by 2035. This aligns with global efforts to limit temperature increases and highlights Cal Water’s dedication to environmental responsibility.
California Water Service Group, trading on the New York Stock Exchange under the symbol CWT, remains a key player in the water utility industry, providing essential services and maintaining a focus on sustainability, infrastructure investment, and customer well-being.
Washington Water Service, a subsidiary of California Water Service Group, has received approval from the Washington Utilities and Transportation Commission to acquire Stroh’s Water Company. The acquisition, subject to customary conditions, is expected to close by Q1 2023. Washington Water has served Stroh’s 900 customers since March 2021 and aims to integrate the systems for enhanced reliability. Group President Martin A. Kropelnicki expressed gratitude for the regulatory process and anticipation of welcoming Stroh’s customers into the Washington Water family.
California Water Service Group (NYSE: CWT) is set to release its third quarter 2022 earnings on October 27, 2022, at 9:00 a.m. ET, followed by a conference call at 11:00 a.m. ET.
Interested investors can join by dialing 1-800-715-9871 or 1-646-307-1963, using ID# 5254006, or by accessing the live audio webcast. A replay will be available from 3:00 p.m. ET on the same day until December 26, 2022.
California Water Service Group provides regulated water and wastewater services to over 2 million people across five states.
California Water Service Group (NYSE: CWT) has appointed Terry P. Bayer as Lead Independent Director, effective immediately. Bayer, with extensive expertise from her tenure as COO of Molina Healthcare, brings valuable operational and governance experience. Chairman Peter C. Nelson will retire in May 2023, following a long-standing leadership role since 1996. Martin A. Kropelnicki will succeed him as Chairman, President & CEO. The company emphasizes its commitment to effective leadership as it transitions to new governance, aiming to enhance its operations serving over 2 million customers across multiple states.
California Water Service commended Governor Newsom for signing SB 1469, which aims to enhance water conservation efforts and sustain low water bills for Californians, particularly low-income households. The bill, backed by a diverse coalition, enables water providers regulated by the CPUC to implement a decoupling regulatory model. This model allows them to prioritize conservation without risking resources needed for safe operations, responding effectively to prolonged drought conditions spurred by climate change.
California Water Service (CWT) customers have achieved significant water conservation, reducing usage by 12.3% in August compared to 2020, marking the fourth consecutive month of reductions. Notably, twelve districts surpassed 15% savings, with Antelope Valley leading at 46.1%. The utility supports this effort with free lawn signs and rebates for water-saving programs. In July, Cal Water also exceeded state savings targets with a 12.4% reduction. The utility serves approximately 2 million people in California and has been operational since 1926.
California Water Service Group (NYSE: CWT) appointed retired Los Angeles County Fire Chief Daryl L. Osby as Vice President of Emergency Preparedness, Safety, and Security, effective September 28, 2022. Osby, who oversaw fire services for over four million residents, brings extensive experience in strategic planning and emergency response. His leadership is expected to enhance the company's commitment to public safety. Martin A. Kropelnicki, the CEO, expressed confidence in Osby's ability to support the company's emergency preparedness efforts.
California Water Service (CWT) reported a 12.4% reduction in water use for July 2022 compared to July 2020, marking the third consecutive month of conservation progress. All districts contributed, with ten districts achieving savings over 15%. Notable reductions included 39.7% in Westlake and 33.2% in Antelope Valley. The company emphasized ongoing customer engagement in water-efficient practices as drought conditions persist. Cal Water continues to provide resources and incentives to enhance conservation efforts and support its customer base.
California Water Service (CWT) applauds the passage of SB 1469, aimed at enhancing water conservation efforts. The bill, supported by a diverse coalition, now awaits Governor Newsom's signature. It introduces a decoupling regulatory tool, enabling water providers to focus on conservation without worrying about financial loss from reduced water sales. This strategic move aligns with California's urgent need to address water resource challenges amidst changing climate conditions. With approximately 2 million customers served, Cal Water emphasizes its commitment to improving water supply reliability.
California Water Service (CWT) announced a company-wide water use reduction of 11.6% in June 2022 compared to June 2020, exceeding the statewide average reduction of 7.6%. The utility praised its customers for achieving water savings 52% higher than the average, with seven districts recognized among the state’s top performers. Districts such as Westlake showed impressive savings of 33.4%. Cal Water encourages ongoing conservation efforts through available rebates and programs as summer presents opportunities for further savings.
California Water Service Group subsidiary, Texas Water Service, has expanded its investment in Texas by entering a long-term water supply agreement with the Guadalupe Blanco River Authority. The agreement allows Camino Real Utility to receive up to 2,419 acre-feet of potable water annually, serving the fast-growing Mustang Ridge area. Texas Water Service will invest over $40 million in the first phase of the project, enhancing water and wastewater infrastructure to support community growth.
FAQ
What is the current stock price of California Water Service (CWT)?
What is the market cap of California Water Service (CWT)?
What services does California Water Service provide?
Where does Cal Water operate?
What recent financial challenges has Cal Water faced?
How is Cal Water addressing PFAS contamination?
What sustainability goals has Cal Water set?
What infrastructure investments has Cal Water planned?
How does Cal Water support customers facing financial hardships?
How does Cal Water's progressive rate design benefit customers?
What is the significance of the 2021 General Rate Case (GRC) decision for Cal Water?
How can investors learn more about Cal Water's financial performance?
