Core Insights - New Jersey American Water announced a total investment of over $507 million for system improvements in 2023, emphasizing its commitment to providing safe, affordable, and reliable water and wastewater services [1][2] Investment Highlights - The company invested $175 million to install, replace, or rehabilitate over 91 miles of main, enhancing water quality, pressure, fire protection, and service reliability [2] - Approximately $2.76 million was allocated for leak detection equipment to improve response capabilities to leaks and breaks [2] - Over $28 million was spent on improvements at water treatment facilities, including upgrades at Jumping Brook, Canal Road, and Raritan Millstone Water Treatment Plants [2] - An investment of approximately $17.8 million was made to replace 458 fire hydrants and 1,723 valves [2] - New Jersey American Water replaced 13,776 service lines, representing an investment of about $87.8 million [2] - The company rehabilitated five tanks and conducted detailed inspections of 40 tanks, totaling an investment of approximately $10.1 million [2] Company Overview - American Water is the largest regulated water and wastewater utility company in the U.S., serving over 14 million people across 14 states and 18 military installations [4] - New Jersey American Water, a subsidiary of American Water, is the largest regulated water utility in New Jersey, providing services to approximately 2.9 million people [5]

CAMDEN, N.J.--(BUSINESS WIRE)--American Water (NYSE: AWK), the largest regulated water and wastewater utility company in the U.S., announced today that three representatives will join regulatory policy panels at the National Association of Regulatory Utility Commissioners’ (NARUC) Winter Policy Summit, taking place from February 25 through 28 in Washington, D.C. American Water will have a leading presence at the conference to discuss issues of heightened importance to commissioners, customers and communitie ...

Volatility has returned to Wall Street after the rally, which started in early January, came to a sudden halt last week after fresh data showed that inflation rose last month. An unexpected jump in inflation has once again dimmed hopes of the Federal Reserve going for its first rate cut in March.The Commerce Department last week reported that the consumer price index (CPI) rose 0.3% month over month in January and 3.1% from a year ago. Also, core CPI, which excludes the volatile energy and food prices, rose ...

Core Insights - California American Water is continuing its Aquifer Storage and Recovery (ASR) program to capture and store excess water during the rainy season for use in drought periods [1][2] - The ASR initiative captures excess winter flows from the Carmel River and replenishes underground aquifers through a network of wells, pumps, and pipelines [1] - The company is combining the ASR program with water recycling and a desalination project to create a diversified water portfolio to better serve the community [1][2] ASR Program Details - Since the start of the ASR season, California American Water has captured over 300 acre-feet of water for future use [2] - Collaboration with partner agencies enhances water level monitoring and injection efforts, ensuring community water needs are met [2] Company Overview - American Water is the largest regulated water and wastewater utility company in the U.S., serving over 14 million people across 14 jurisdictions [3] - California American Water, a subsidiary of American Water, provides services to approximately 700,000 people [4]

CAMDEN, N.J.--(BUSINESS WIRE)--American Water (NYSE: AWK), the largest regulated water and wastewater utility company in the U.S., today announced that it has been awarded a new grant from The Water Research Foundation (WRF), Determining the Role of Spectral Imaging as an Early Warning System for Presence/Significance of Algal Blooms [5266]. This research aims to develop cost-effective tools for early and reliable identification of harmful algal blooms. “American Water is delighted to partner with The Wa ...

ST. LOUIS--(BUSINESS WIRE)--Missouri American Water announces the launch of the American Water Charitable Foundation 2024 Water and Environment Grant Program. “This program focuses on helping local organizations carry out meaningful, sustainable initiatives that can ultimately benefit our watersheds,” said Rich Svindland, president of Missouri American Water. “We encourage schools, environmental organizations and civic groups located in our service territories throughout the state to apply for a water-re ...

CAMDEN, N.J.--(BUSINESS WIRE)--American Water (NYSE: AWK), the largest regulated water and wastewater utility company in the U.S., announced today that it has been ranked number 1 in the utilities industry on Forbes America's Best Large Employers 2024 list. The ranking is based on an independent survey of employees. "American Water is honored to receive recognition on Forbes America's Best Large Employers 2024 list," said M. Susan Hardwick, President and Chief Executive Officer, American Water. "We are e ...

American Water Works (AWK -1.16%), the largest publicly traded U.S. water and wastewater utility, reported robust fourth-quarter 2023 results on Wednesday after the closing bell. Shares gained 3.1% on Thursday, though they declined 1.2% on Friday. Thursday's upward move was likely in part attributable to the company easily exceeding Wall Street's revenue and earnings estimates. But a good chunk of Thursday's gain and all of Friday's drop were probably due to overall market dynamics, as major indexes rose on ...

GREENWOOD, Ind.--(BUSINESS WIRE)--The Indiana Utility Regulatory Commission (IURC) yesterday issued an order approving base rate adjustments on a statewide basis for Indiana American Water following a comprehensive 11-month review process. The company’s rate adjustment request, which was filed on March 31, 2023, was driven primarily by approximately $875 million in water and wastewater investments since the last approved rate adjustment, to be made through April 2025, as well as increases in the cost of ...

Financial Data and Key Metrics Changes - The company reported earnings of $4.90 per share for 2023, an increase of $0.39 per share compared to 2022, and $0.32 per share on a weather-normalized basis [25][5] - Increased revenues were driven by general rate cases completed in late 2022 and early 2023, reflecting significant investments in systems [25] - Operating costs increased due to higher pension expenses of about $0.13 per share and increased chemical costs of about $0.11 per share [26] Business Line Data and Key Metrics Changes - The company closed on acquisitions totaling $77 million across eight states in 2023, with 25 transactions under agreement totaling $589 million and 88,000 customer connections [28] - Rate-based growth is expected to drive earnings growth, with a long-term target of 8% to 9% [13] Market Data and Key Metrics Changes - The company has $390 million in annualized new revenues and rates since January 2023, with $670 million of total annualized revenue requests pending [17] - The regulatory environment in Pennsylvania is undergoing changes, which may impact the timing of acquisitions [29] Company Strategy and Development Direction - The company aims for 7% to 9% EPS and dividend growth, supported by significant investments in infrastructure and acquisitions [8][9] - The focus remains on customer affordability and operating efficiency, with ongoing strategies around rate design and technology [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing plans for 2024 and beyond, highlighting strong performance amid challenging macroeconomic conditions [7][10] - The company continues to receive support from state and federal levels for infrastructure improvements [10][11] Other Important Information - The company is actively involved in addressing regulatory challenges related to PFAS and lead service lines, with significant investments planned [21][22] - The five-year capital plan includes $1 billion for PFAS and approximately $500 million for lead service line replacements [21] Q&A Session Summary Question: M&A appetite and geographic aversions - Management emphasized the need for confidence in regulatory environments and growth potential before pursuing M&A opportunities [38][39] Question: CapEx upside related to lead and copper rule - Management indicated it is too early to provide guidance on impacts to the overall plan, noting the longer timeline for compliance compared to PFAS [40][41] Question: Update on Pennsylvania rate case - Management confirmed the case is proceeding as planned, focusing on investment recovery without significant policy changes [48][50] Question: Regulatory outcomes in Illinois - Management stated that the Illinois case is on schedule and focused on investment, with no significant issues anticipated [54][55] Question: Fair market value changes - Management believes the commission process is the best path to resolve fair market value issues, with ongoing discussions expected [86][87]