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California Water Service - CWT STOCK NEWS

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.

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California Water Service Group (CWT) secures a spot on Newsweek's 2024 list of 'America's Most Trustworthy Companies' for the second year, ranking second among water utilities nationwide. The company's dedication to core values like integrity and commitment has led to this recognition.
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California Water Service Group (CWT) commits to reducing greenhouse gas emissions by 63% by 2035 from a 2021 base year, supporting global climate goals. The company plans to achieve this through renewable energy, fleet electrification, water conservation, and more.
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The California Public Utilities Commission (CPUC) issued a decision on the 2021 General Rate Case and Infrastructure Improvement Plan for California Water Service Group (NYSE: CWT), approving increased revenues for 2023, 2024, and 2025. The decision allows Cal Water to invest $1.21 billion in water system infrastructure projects from 2021 to 2024, focusing on safety and reliability. The decision also implements a progressive rate design to benefit low-income and low-water-using customers.
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California Water Service Group (CWT) announced a decrease in net income for 2023 due to delayed regulatory decisions impacting revenue. Operating revenue decreased by $51.8 million, primarily from WRAM and MCBA mechanisms conclusion. Despite challenges, the company invested $383.7 million in infrastructure improvements, declared a 316th consecutive quarterly dividend, and increased 2024 annual dividends by 7.7%. The delay in the 2021 GRC affected financial results but the company remains focused on executing its strategy and customer service.
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California Water Service Group (CWT) announced the release of its 2023 full-year and fourth-quarter earnings results, with an earnings conference call scheduled for February 29, 2024. The call will be hosted by Chairman, President, and CEO Martin A. Kropelnicki, along with other key executives. Interested investors can attend the live audio webcast or access the replay through the provided links and phone numbers.
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California Water Service Group (CWT) contributed $1.56 million in 2023 to charitable organizations and first responders, allocating 22% to at-risk communities, 22% to community improvement, 14% to support emergency services, and 13% for educational grants. The company also provided in-kind services and matched employee charitable donations up to $250 per employee per year.
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California Water Service Group (CWT) is currently reviewing the proposed decision and alternate proposed decision issued by the California Public Utilities Commission (CPUC) Administrative Law Judges in relation to the 2021 General Rate Case. The decisions are available for review on the CPUC's website, and parties involved may submit comments by February 13, 2024. The Commission may consider the proposals on March 7, 2024, with the potential for adoption, amendment, or postponement. The final decision, once adopted, will be retroactive to January 1, 2023.
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California Water Service Group (CWT) declared its 316th consecutive quarterly dividend, increasing the annual dividend by 7.7% to $1.12. The quarterly dividend of $0.26 per common share will be payable on February 23, 2024 to stockholders of record as of February 12, 2024. The company provides water and wastewater services to over 2.1 million people in California, Hawaii, New Mexico, Washington, and Texas.
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California Water Service Group (CWT) is offering $80,000 in scholarships for the 2024-2025 academic year to residents living in areas served by its California, Hawaii, New Mexico, and Washington subsidiaries. Eligible applicants must plan to enroll in a full-time undergraduate study program at an accredited college, university, or vocational-technical school. Scholarships will be awarded based on academic achievement, community service, and financial need. The program is administered by Scholarship America, a 501(c)(3) non-profit organization, and is part of the Group's stockholder-funded philanthropic giving program.
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California Water Service (Cal Water) recently acquired the municipal water system assets of the City of Willows, facilitated by California Assembly Bills 2339 and 850. The acquisition, completed in late December 2023, allowed Cal Water to extend its service area, providing high-quality service to the entire Willows community.
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FAQ

What is the current stock price of California Water Service (CWT)?

The current stock price of California Water Service (CWT) is $45.47 as of December 23, 2024.

What is the market cap of California Water Service (CWT)?

The market cap of California Water Service (CWT) is approximately 2.7B.

What services does California Water Service provide?

California Water Service provides the production, treatment, storage, distribution, and sale of water for residential, commercial, and industrial use.

Where does Cal Water operate?

Cal Water operates in California, New Mexico, Washington, Hawaii, and Texas, serving over 2.1 million people.

What recent financial challenges has Cal Water faced?

Cal Water faced a $51.8 million decrease in operating revenue in 2023 due to regulatory delays affecting rate decisions.

How is Cal Water addressing PFAS contamination?

Cal Water has committed $215 million to PFAS treatment and is working to comply with new federal water quality standards.

What sustainability goals has Cal Water set?

Cal Water aims to reduce Scope 1 and Scope 2 GHG emissions by 63% by 2035, aligning with global climate initiatives.

What infrastructure investments has Cal Water planned?

Cal Water plans to invest $1.21 billion from 2021 through 2024 in water system infrastructure projects to ensure reliable water service.

How does Cal Water support customers facing financial hardships?

Cal Water secured $83 million in funding to help customers with past-due balances incurred during the COVID-19 pandemic.

How does Cal Water's progressive rate design benefit customers?

The progressive rate design decreases costs for low-income and low-water-using customers while promoting water conservation.

What is the significance of the 2021 General Rate Case (GRC) decision for Cal Water?

The 2021 GRC decision allows Cal Water to invest in critical infrastructure and provides new rate mechanisms to benefit customers.

How can investors learn more about Cal Water's financial performance?

Investors can access detailed financial reports and quarterly updates on Cal Water's official website and through their SEC filings.

California Water Service

NYSE:CWT

CWT Rankings

CWT Stock Data

2.69B
58.97M
0.72%
88.27%
1.09%
Utilities - Regulated Water
Water Supply
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United States of America
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