New Jersey American Water Signs Agreement to Purchase Hopewell Borough Water System

Core Insights - New Jersey American Water has signed an agreement to acquire the water system in Hopewell Borough for $6.4 million, following a referendum where 58% of voters approved the sale [1][2] - The company plans to invest $7 million in infrastructure improvements within the first five years of ownership, focusing on replacing aging infrastructure and enhancing service reliability [2][3] Company Overview - New Jersey American Water is a subsidiary of American Water, the largest regulated water utility in the state, serving approximately 2.9 million people [6] - American Water is the largest regulated water and wastewater utility company in the U.S., providing services to over 14 million people across 14 states [4] Investment and Infrastructure Plans - The planned $7 million investment will include identifying additional improvements through a comprehensive analysis of the system after the acquisition [2] - The company aims to replace all utility-owned and customer-owned lead and galvanized steel service lines by 2031 and replace aging water mains [6] Community Impact - The acquisition is expected to modernize water infrastructure, ensure safe and reliable service, and potentially reduce water rates for residents [3] - The agreement allows Hopewell Borough to retire municipal debt and reinvest funds into community priorities, emphasizing sustainability and affordability [3] Transition and Approval - New Jersey American Water is committed to ensuring a smooth transition for customers and anticipates completing the acquisition in the first half of 2026, pending approval from the New Jersey Board of Public Utilities [3]