Texas Water Service Completes Purchase of Railyard Utility Wastewater System with Partner BVRT Utility Holding Company
California Water Service Group (NYSE:CWT) announced the acquisition of Railyard Utility’s wastewater system, now named Spanish Trail Utility, through its subsidiary Texas Water Service and BVRT Utility Holding Company. This acquisition expands their service to 345 customers in the Austin area, with potential for an additional 150 customers as development occurs. The CEO emphasized a commitment to quality and reliable service in Texas amidst future growth opportunities.
- Acquisition of Railyard Utility enhances Texas Water's service capacity.
- Expansion potential with an additional 150 customers as development progresses.
- Strategic partnership with BVRT Utility boosts operational scale.
- None.
SAN JOSE, Calif., June 22, 2022 (GLOBE NEWSWIRE) -- California Water Service Group (NYSE:CWT) subsidiary Texas Water Service (Texas Water), through its strategic partnership with BVRT Utility Holding Company, has completed the acquisition of Railyard Utility’s wastewater system. This is the fifth utility owned and operated by Texas Water and BVRT.
Railyard Utility, renamed Spanish Trail Utility, currently provides wastewater utility service to 345 customers near BVRT’s Plum Creek Utility and Windy Hill Utility systems in the Austin metropolitan area. An estimated additional 150 customers can be served when the community has been built out.
“We are pleased to be growing our wastewater utility operations with BVRT in the great state of Texas and appreciate the trust placed in our team to serve former Railyard customers,” said Martin A. Kropelnicki, California Water Service Group President and Chief Executive Officer. “By keeping a laser-sharp focus on providing quality, service, and value to our customers and communities, we intend to deliver what they expect and deserve—reliable, safe, high-quality utility services.”
About California Water Service Group
California Water Service Group is the parent company of regulated utilities California Water Service, Hawaii Water Service, New Mexico Water Service, Washington Water Service, and Texas Water Service, a utility holding company. Together, these companies provide regulated and non-regulated water and wastewater service to more than 2 million people in California, Hawaii, New Mexico, Texas, and Washington. California Water Service Group’s common stock trades on the New York Stock Exchange under the symbol “CWT.” Additional information is available online at www.calwatergroup.com.
This news release contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 ("Act"). The forward-looking statements are intended to qualify under provisions of the federal securities laws for "safe harbor" treatment established by the Act. Forward-looking statements are based on currently available information, expectations, estimates, assumptions and projections, and management's judgment about the Company, the water utility industry and general economic conditions. Such words as would, expects, intends, plans, believes, estimates, assumes, anticipates, projects, predicts, forecasts or variations of such words or similar expressions are intended to identify forward-looking statements. The forward-looking statements are not guarantees of future performance. They are subject to uncertainty and changes in circumstances. Actual results may vary materially from what is contained in a forward-looking statement. Factors that may cause a result different than expected or anticipated include, but are not limited to: ability to operate and expand the Spanish Trail Utility system in an effective and accretive manner; natural disasters, public health crises, pandemics, epidemics or outbreaks of a contagious disease, such as the outbreak of coronavirus (or COVID‐19); governmental and regulatory commissions' decisions, including decisions on proper disposition of property; consequences of eminent domain actions relating to our water systems; changes in regulatory commissions' policies and procedures; the timeliness of regulatory commissions' actions concerning rate relief and other actions; changes in water quality standards; changes in environmental compliance and water quality requirements; electric power interruptions; housing and customer growth trends; the impact of opposition to rate increases; our ability to recover costs; availability of water supplies; issues with the implementation, maintenance or security of our information technology systems; civil disturbances or terrorist threats or acts; the adequacy of our efforts to mitigate physical and cyber security risks and threats; the ability of our enterprise risk management processes to identify or address risks adequately; labor relations matters as we negotiate with unions; changes in customer water use patterns and the effects of conservation; the impact of weather, climate, natural disasters, and diseases on water quality, water availability, water sales and operating results, and the adequacy of our emergency preparedness; and, other risks and unforeseen events. When considering forward-looking statements, you should keep in mind the cautionary statements included in this paragraph, as well as the annual 10-K, Quarterly 10-Q, and other reports filed from time-to-time with the Securities and Exchange Commission (SEC). The Company assumes no obligation to provide public updates of forward-looking statements.
Media Contact
Tom Smegal (analysts)
tsmegal@calwater.com
408-367-8200
Yvonne Kingman (media)
ykingman@calwater.com
310-257-1434
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