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 (CWT) announced its commitment to addressing health risks posed by 'forever chemicals' in drinking water. The company supports the California Office of Environmental Health Hazard Assessment's proposal to set public health goals for PFOA and PFOS at one part per trillion. This is significantly stricter than the current federal recommendation. Cal Water has been proactive in water safety, having already implemented advanced technology to treat chromium-6. The company serves approximately 2 million people and is dedicated to protecting customers from water contaminants.
California Water Service, the largest subsidiary of California Water Service Group (CWT), has received approval from the California Public Utilities Commission to acquire the water and wastewater systems for the new Preserve at Millerton community. This master-planned community in Madera County will feature 1,400 residential units, commercial spaces, and parks. The acquisition is set to finalize when the residences are ready for occupancy in 2022, pending certain conditions. Group President Martin A. Kropelnicki expressed optimism about serving the community and supporting its growth.
California Water Service Group (NYSE: CWT) reported a significant increase in net income to $38.2 million or $0.75 per diluted share for Q2 2021, up from $5.3 million or $0.11 per diluted share in Q2 2020. This rise is attributed to the California Public Utilities Commission's decision on the 2018 General Rate Case, which authorized rate hikes totaling $7.9 million in cumulative rate relief. Operating revenue grew 21.4% to $213.1 million, driven by regulatory rate increases. However, administrative expenses also rose by $4.8 million.
California Water Service Group (CWT) has declared its 306th consecutive quarterly dividend of $0.23 per common share, payable on August 20, 2021, to stockholders of record by August 9, 2021. The company operates regulated utilities across five states, serving over 2 million people. As a holding company for water and wastewater services, CWT continues to demonstrate financial stability through consistent dividend payments, reflecting its commitment to rewarding shareholders.
California Water Service (CWT) has affirmed its readiness to tackle the drought emergency following an expanded declaration by Governor Gavin Newsom. The company aims to assist customers in conserving water by offering several initiatives, including doubled rebates on high-efficiency appliances, a smart landscape tune-up program, and complimentary conservation kits. CWT will also reintroduce its turf replacement program and introduce a drip system conversion rebate this summer. The utility serves approximately 2 million residents, having been operational since 1926.
California Water Service Group (NYSE: CWT) will announce its second quarter 2021 earnings results on July 29, 2021, at 9:00 a.m. ET. A teleconference will follow at 11:00 a.m. ET, allowing investors and stockholders to participate. To join the call, dial in 15 minutes early and use ID# 3119418. A replay will be available from 2:00 p.m. ET on the same day until September 29, 2021. The company provides regulated and non-regulated water services to over 2 million people across five states.
California Water Service (Cal Water) has submitted its 2022-2024 infrastructure improvement plans as part of its General Rate Case filing with the California Public Utilities Commission. The proposal entails investing $1.02 billion, with $913.1 million for new capital projects, focusing on replacing aging water pipelines and enhancing water supply reliability. Cal Water also aims to implement rate design changes to stabilize revenue while providing discounts for essential water usage. The proposed rate increases could lead to an average residential customer cost of less than $5 monthly.
California Water Service Group (CWT) announced the recipients of its 8th annual college scholarship program on June 17, 2021. The Group awarded $80,000 in total to 12 deserving students for the 2021-2022 academic year. Out of over 300 applicants, selections were based on academic achievement, community service, and financial need, with one-third being first-generation college attendees. The scholarship program has awarded $520,000 to date, funded entirely by shareholders as part of its philanthropic efforts.
California Water Service (CWT) filed its updated Water Shortage Contingency Plan with the California Public Utilities Commission, enhancing its drought management efforts. Currently in Stage 1 of the plan, the company has implemented penalties for various prohibited water uses, including excessive outdoor watering and vehicle washing without proper devices. To promote conservation, Cal Water doubled rebate amounts for high-efficiency devices and offers free conservation kits. The company emphasizes voluntary customer participation while monitoring for potential further actions as conditions evolve.
Hawaii Water Service, a subsidiary of California Water Service Group (CWT), has agreed to acquire HOH Utilities Company, enhancing its presence on the island of Kauai. This acquisition involves the wastewater utility serving about 1,800 customers in the Poipu/Koloa area. The deal is pending approval from the Hawaii Public Utilities Commission. Hawaii Water aims to provide the same quality service to the new customers as it does with its existing customer base of nearly 6,000 across multiple Hawaiian islands.
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