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 has awarded $80,000 in college scholarships to 12 students from California, Hawaii, and Washington for the 2024-2025 academic year. This initiative aims to support students who plan to contribute to their communities through various fields of study, including artificial intelligence and neuroscience. The program, which has provided $760,000 in scholarships to date, is part of the company's philanthropic efforts and does not affect customer rates. Four students received $10,000 each based on academic achievement, community service, and financial need, while eight others were awarded $5,000 scholarships.
California Water Service (Cal Water), the largest subsidiary of California Water Service Group (NYSE: CWT), has completed the acquisition of Kings Mountain Park Mutual Water Company’s water system assets. The Bear Gulch District, which has been providing water to Kings Mountain through an interconnection, will now directly serve Kings Mountain customers. This acquisition is expected to enhance water supply reliability, firefighting capabilities, and support future infrastructure improvements. The transfer, supported by the State Water Resources Control Board's Division of Drinking Water, aims to ensure safe, reliable, and affordable water service.
California Water Service Group (NYSE: CWT) has released its 2023 ESG Report, showcasing significant achievements and ongoing efforts in its environmental, social, and governance (ESG) program. Key highlights include a commitment to reduce greenhouse gas emissions by 63% by 2035, $383.7 million invested in infrastructure, and saving nearly 95 million gallons of water annually through conservation programs. The company achieved 100% compliance with water quality standards, secured $83 million in funding for customer arrearages, and donated over $1.5 million to community organizations. Workforce engagement efforts included $728,000 invested in training and a doubling of veteran hires. Governance achievements feature a diverse Board of Directors and 27.2% of net procurement with diverse suppliers.
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