Welcome to our dedicated page for Essential Utilities news (Ticker: WTRG), a resource for investors and traders seeking the latest updates and insights on Essential Utilities stock.
Essential Utilities, Inc. (symbol: WTRG) is a key player in the United States utility sector, providing regulated water and wastewater services. Operating through its various subsidiaries, the company serves around three million residential, commercial, industrial, and municipal customers across multiple states including Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, and Virginia.
Headquartered in Bryn Mawr, Pennsylvania, Essential Utilities' history dates back to 1886, formerly known as Aqua America, Inc. The company underwent a rebranding in February 2020 to become Essential Utilities, Inc. The firm has a significant footprint in Pennsylvania, where nearly three-fourths of its water earnings are generated, primarily from suburban Philadelphia.
In addition to traditional water services, Essential Utilities provides non-utility raw water supply services to companies in the natural gas drilling industry. It also offers water and sewer line protection solutions and repair services to households through third-party agreements. Its Peoples subsidiary extends the company's reach into the natural gas sector, serving over 740,000 customers in Pennsylvania and Kentucky.
Over the years, Essential Utilities has consistently prioritized sustainable practices and infrastructure improvements. Recent projects include upgrading water treatment facilities and expanding service coverage to underserved areas. Financially, the company maintains a stable outlook supported by strong regulatory frameworks and long-term contracts.
Essential Utilities has also established several partnerships to enhance service delivery and operational efficiency. These partnerships allow the company to innovate and implement cutting-edge technologies in water treatment and distribution. Through these efforts, Essential Utilities continues to play a crucial role in ensuring access to safe and reliable water and wastewater services.
Aqua Pennsylvania has filed a rate adjustment request with the Pennsylvania Public Utility Commission (PUC) to recover $953 million in infrastructure investments by the end of 2025. This marks Aqua's first rate request in almost three years. The increase aims to support the replacement of around 200 miles of aging water mains, installation of new valves and service lines, and the replacement of hundreds of fire hydrants.
Aqua President Marc Lucca emphasized the need for modernizing water and wastewater infrastructure and highlighted the company's efforts to comply with new regulations and counter cyber threats. The proposed rate hike would raise the average residential water bill from $80.91 to $97.01 per month, and the wastewater bill from $81.18 to $96.10 per month.
The review process can take up to nine months, with any approved changes expected to take effect by February 2025. Aqua is also seeking grants and low-interest loans to mitigate the impact on customers and offers financial assistance options for those in need.
Aqua Pennsylvania has secured up to $6.7 million in grant funding from PENNVEST to construct a PFAS treatment facility at its Edgely Water Treatment facility in Bristol Township. This grant will allow Aqua to install six large filter vessels using ion exchange media to remove PFAS from the drinking water of approximately 25,000 residents in Bristol Township and Bristol Borough at no additional cost to customers. The project aligns with newly established federal standards for PFAS removal. Construction is set to begin in July, ensuring enhanced water safety without financial burden on ratepayers.
Essential Utilities has been named the Best Commercial Fleet in the Americas by the National Fleet Management Association (NAFA). This accolade places Essential, along with its subsidiaries Aqua and Peoples Natural Gas, at the top among thousands of fleets in North America. Vice President Charlie Stevenson credits this achievement to the company's employees and their commitment to certifications and continuous improvement. The 100 Best Fleets contest, in its 25th year, celebrates excellence and innovation in fleet operations. This recognition marks the first time Essential has secured the top spot, with Aqua Fleet Manager Kevin Grafstrom accepting the award at NAFA's 2024 Institute & Expo in San Antonio, TX.
Essential Utilities Inc. celebrates Infrastructure Week by announcing a $1 billion capital improvement program, reinforcing its commitment to enhancing service and reliability for customers through investments in water and gas utilities. The company plans to invest $1.3 billion in 2024 and an average of $1.4 billion annually through 2028 to modernize and sustain infrastructure in its nine-state service area.
Aqua Texas has initiated a $4 million water main replacement project in Hays County, benefiting the Woodcreek North community, to improve water infrastructure and conserve water. The project aims to replace 5,000 feet of aging water mains initially, with a total of over 25,000 feet planned to be replaced. Residents may experience traffic disruptions, but the investment will enhance water service reliability and quality.
Essential Utilities Inc. (NYSE: WTRG) reported a strong first quarter of 2024 with earnings per share of $0.97 compared to $0.72 in Q1 2023. The company closed the sale of non-core energy projects, resulting in a net income of $265.8 million. Despite lower revenues, driven by warm weather impacting residential gas volumes, Essential remains focused on delivering solid results for the year.
Essential Utilities Inc. (NYSE: WTRG) welcomes Christopher Bruner and Tamara Linde to its board of directors. Bruner, an Assurance Partner at Ernst & Young, brings 36 years of experience and will chair the audit committee. Linde, the Executive Vice President and General Counsel at Public Service Enterprise Group, has over 30 years of experience in the energy industry. Both have impressive backgrounds and will contribute significantly to Essential Utilities' governance.
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