Like their municipal and privately owned counterparts, investor-owned water utilities deliver drinking water to customers' homes and businesses. After a period of considerable consolidation in the industry, there are only 11 investor-owned water utilities remaining in the United States. Investor-owned water utilities typically appeal to conservative investors because their rates are regulated, their earnings drivers are straightforward, their dividends are steady, and their product is both essential and irreplaceable. California Water Service Group is the second largest investor-owned water utility in the United States.