New Rates Allow Recovery for Investments Made to Keep Infrastructure Reliable
Waikoloa, HI (GLOBE NEWSWIRE) - Hawaii Water Service (Hawaii Water), a subsidiary of California Water Service Group (NYSE: CWT), received approval from the Hawaii Public Utilities Commission (Commission) to increase annual revenues by approximately $825,000, effective Jan. 1, 2019, and $34,000, effective Jan. 1, 2020, to reflect infrastructure improvements made as well as increases in operating costs in its Waikoloa Village service area.
Investments made in Hawaii Water’s Waikoloa Village water and sewer systems include, in part, upgrades made to the Supervisory Control and Data Acquisition (SCADA) system; construction of two new water wells; upgrades to a third well and electrical building; replacement of wastewater mains; and the remainder of wastewater treatment plant (K-plant) construction.
“We are committed to providing quality, service, and value to our customers and communities, and that includes remaining focused on operating efficiently to keep costs down while performing infrastructure upgrades and maintenance needed to fulfill this promise,” said Martin A. Kropelnicki, President and CEO. “We appreciate the Hawaii Public Utilities Commission for its thorough work to analyze our operations, costs, and service and ensure that rates accurately reflect the costs of providing reliable, high-quality water and wastewater service to customers for their everyday needs, sufficient resources for firefighters in emergencies, and supplies that are safe for the environment.”
Hawaii Water’s last rate increase occurred in 2015, and was based on investments made in 2013 and earlier.
Hawaii Water Service provides water and wastewater service to many communities located on Maui and Big Island of Hawaii. Hawaii Water Service is a wholly owned subsidiary of California Water Service Group, which also includes California Water Service, Washington Water Service, New Mexico Water Service, CWS Utility Services, and HWS Utility Services. Together, these companies provide regulated and non-regulated utility service to approximately 2 million people in more than 100 California, Washington, New Mexico, and Hawaii communities. 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: governmental and regulatory commissions' decisions; changes in regulatory commissions' policies and procedures; success by non-settling parties in opposing the settlement; the timeliness of regulatory commissions' actions concerning rate relief; electric power interruptions; increases in suppliers' prices and the availability of supplies including water and power; changes in environmental compliance and water quality requirements; changes in customer water use patterns; the impact of weather on water sales and operating results; our access to sufficient capital on satisfactory terms; civil disturbances or terrorist threats or acts interfering with our facilities or operations, or apprehension about the possible future occurrences of acts of this type; restrictive covenants in or changes to the credit ratings on our current or future debt that increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends; 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.
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SOURCE: California Water Service Group