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 (Cal Water) is actively addressing power outages affecting water delivery due to rolling blackouts across the state. The utility has installed permanent generators at critical locations and is deploying portable backup generators to maintain water service. Customers are urged to conserve water to alleviate strain on the electrical grid. The Emergency Operations Center is activated to manage responses, ensuring minimal disruption to service. Serving around 2 million people, Cal Water emphasizes collaboration with customers to mitigate impacts on the community.
California Water Service Group (CWT) announced an investment of $80,000 in college scholarships for the 2020-2021 academic year to assist students in its service areas across California, Hawaii, New Mexico, and Washington.
A total of 12 students were awarded scholarships based on academic achievement, community service, and financial need, with four grand-prize recipients receiving $10,000 each. The program has awarded $440,000 in scholarships to date and is funded by stockholders, not ratepayers.
The California Water Service Group (NYSE: CWT) Board of Directors has declared a quarterly dividend of $0.2125 per common share, marking the company's 302nd consecutive dividend. This dividend will be payable on August 21, 2020, to shareholders of record as of August 10, 2020. As the parent company of various water service providers, California Water Service Group serves around 2 million customers across multiple states, including California and Hawaii.
California Water Service Group (NYSE: CWT) announced the release of its second quarter 2020 earnings results, set for 9:00 a.m. ET on July 30, 2020. A teleconference will follow at 11:00 a.m. ET for stockholders and interested investors. To access the call, participants should dial in 15 minutes early. Replay options will be available post-call until September 30, 2020. The teleconference will be hosted by key executives, including President and CEO Martin A. Kropelnicki.
Washington Water Service, a subsidiary of California Water Service Group (CWT), has successfully acquired the water system assets of Rainier View Water Company, approved by the Washington Utilities and Transportation Commission. This acquisition enhances Washington Water's customer base, doubling its service connections to 36,500. Rainier View Water serves approximately 35,000 residents in various regions. Washington Water aims to invest in local infrastructure to ensure reliable service and high-quality water delivery, promising a seamless transition for customers and employees.
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