California Water Service Group Subsidiary Begins Providing Regulated Water Service to Travis Air Force Base
SAN JOSE, Calif., July 01, 2019 (GLOBE NEWSWIRE) -- (NYSE: CWT) — California Water Service (Cal Water), the largest subsidiary of California Water Service Group, took ownership of and began operating the Travis Air Force Base (TAFB) water system today. Cal Water and TAFB officials commemorated the acquisition with a ribbon-cutting and open house at the base.
As part of the contract with the U.S. Department of Defense and decision by the California Public Utilities Commission (CPUC), Cal Water will provide CPUC-regulated water service to the base for a term of 50 years. The utility will operate, maintain, and upgrade the water system infrastructure that serves TAFB’s more than 15,000 active and reserve personnel and civilians. Cal Water plans to make initial capital improvements of about $12.7 million on the 6,400-acre base within the first five years, and make an expected total capital investment of about $52 million over the 50-year term.
“At Cal Water, we like to say that we worry about the water so our customers don’t have to; we are honored to be serving Travis Air Force Base service members and their families, so they can focus on serving our country,” said Martin A. Kropelnicki, Cal Water President and Chief Executive Officer. “We look forward to providing TAFB with the quality, service, and value our customers expect and deserve.”
About California Water Service Group
California Water Service Group is the parent company of California Water Service, Washington Water Service, New Mexico Water Service, Hawaii Water Service, CWS Utility Services, and HWS Utility Services. Together, these companies employ 1,184 people who provide regulated and non-regulated water service to nearly 2 million people in California, Washington, New Mexico, and Hawaii. California Water Service 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; consequences of eminent domain actions relating to our water systems; changes in regulatory commissions' policies and procedures; the timeliness of regulatory commissions' actions concerning rate relief and other actions; inability to renew leases to operate city water systems on beneficial terms; changes in California State Water Resources Control Board water quality requirements; changes in environmental compliance and water quality requirements; electric power interruptions; housing and customer growth index; the impact of opposition to rate increases; our ability to recover costs; availability of water supplies; issues with the implementation, maintenance or security of our information technology systems; civil disturbances or terrorist threats or acts, or apprehension about the possible future occurrences of acts of this type; the adequacy of our efforts to mitigate physical and cyber security risks and threats; labor relations matters as we negotiate with the unions; restrictive covenants in or changes to the credit ratings on current or future debt that could increase financing costs or affect the ability to borrow, make payments on debt or pay dividends; general economic conditions, including changes in customer water use patterns and the effects of conservation; the impact of weather, climate, natural disasters, and diseases on water quality, water availability, water sales and operating results, and the adequacy of our emergency preparedness; 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.
Released July 1, 2019