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.
California Water Service Group (CWT) declared a quarterly dividend of $0.25 per share, reflecting an annual increase of $0.08 or 8.7%, bringing the total annual dividend to $1.00. This marks the company's 308th consecutive quarterly dividend and the 55th annual increase. The dividend will be payable on February 18, 2022, to stockholders of record by February 7, 2022. With regulated utilities serving over 2 million customers across multiple states, California Water Service Group continues to demonstrate commitment to shareholder returns.
California Water Service Group (NYSE: CWT) has launched its ninth annual College Scholarship Program, offering $80,000 in scholarships to students in its service areas across California, Hawaii, New Mexico, and Washington. The program includes four $10,000 scholarships and additional awards ranging from $2,500 to $5,000. Scholarships will be based on academic performance, community service, and financial need. Applications are open until March 31, 2022, with winners announced in the summer. This initiative is part of the company’s stockholder-funded philanthropic efforts.
California Water Service Group has announced a total of $600,000 in donations to local food banks and community organizations as part of its commitment to enhance community quality of life. Key donations include $200,000 to the Chico Housing Action Team for the Everhart Village project, providing housing for behavioral health clients, and $200,000 to the Boys & Girls Clubs of Greater Sacramento for a STEM lab serving at-risk youth. The remaining funds will support various food banks across multiple states.
California Water Service (CWT) has pledged $200,000 to the Monterey Bay National Marine Sanctuary Foundation to support youth education on marine conservation. Announced at a holiday reception, this donation marks the Foundation’s largest contribution ever received. The partnership aims to engage socio-economically challenged areas served by Cal Water, enhancing environmental stewardship among youth. Notable figures like Secretary Leon Panetta and Cal Water President Martin Kropelnicki expressed optimism about fostering future generations of environmental stewards.
California Water Service (Cal Water) has awarded $174,500 through its third annual Firefighter Grant Program to eight fire departments to enhance their firefighting capabilities. Recipients include departments from Chico, Dixon, Kern County, Los Angeles County, Oroville, Selma, South San Francisco, and Willows. The grants will fund essential equipment such as rescue rafts, hoses, hydraulic tools, and personal protective gear aimed at improving the safety of first responders and the communities they serve. This initiative underscores Cal Water's commitment to supporting local firefighters while ensuring customer rates remain unaffected.
California Water Service Group (NYSE:CWT) has announced key leadership changes to enhance operational efficiency. Greg A. Milleman will become Vice President, Rates & Regulatory Affairs, overseeing regulatory matters across California, Hawaii, New Mexico, and Washington starting January 1, 2022. Paul G. Townsley transitions to Vice President, Corporate Development, focusing on growth strategy. Michelle R. Mortensen is promoted to Vice President, Corporate Secretary, and Chief of Staff. Additionally, Elissa Y. Ouyang and Ronald D. Webb will take on new roles as Vice Presidents, reflecting the company's commitment to recognizing talent.
California Water Service Group (CWT) has promoted Sophie M. James to Chief Water Quality Officer, effective January 1, 2022. This new role underscores the company's commitment to exceeding state and federal drinking water standards. James has extensive experience, having worked at California Water Service since 2006 in various capacities including Director of Water Quality. She holds advanced degrees and certifications in chemistry and water treatment. This appointment strengthens the company's focus on delivering safe and clean water to over 2 million customers across multiple states.
California Water Service (CWT) has submitted a $20.8 million application to the State Water Resources Control Board to provide financial relief to customers struggling to pay water bills due to the COVID-19 pandemic. This funding will allow Cal Water to forgive past-due balances from March 2020 to June 2021. The company expects approval by early 2022 and will automatically apply credits to affected customers' accounts. Additionally, they offer interest-free payment plans for other outstanding balances and a Customer Assistance Program for income-eligible clients.
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