Washington Utilities and Transportation Commission Approves Settlement in Washington Water Service Rate Change Proposal
GIG HARBOR, Wash., Dec. 03, 2018 (GLOBE NEWSWIRE) -- Washington Water Service (Washington Water), a subsidiary of California Water Service Group (NYSE: CWT), received approval from the Washington Utilities and Transportation Commission (Commission) to increase annual revenues by $1.1 million, effective Dec. 1, 2018, to reflect improvements that have already been made to water system infrastructure as well as increases in operating costs.
Investments made in Washington Water’s systems include new pumping equipment and water mains to reliably deliver water to customers, water treatment facilities to meet water quality standards, wells to increase supply, and storage tanks to augment reserve supplies for customers’ everyday needs and firefighters’ emergency resources.
“We are committed to operating efficiently while ensuring our Washington customers continue to have a reliable supply of safe, high-quality water, and that our firefighters have sufficient resources to protect our communities,” said Martin A. Kropelnicki, President and CEO. “We appreciate the work done by the Washington Utilities and Transportation Commission to analyze our operations, costs, and service and ensure that rates accurately reflect the costs of providing service. This enables us to stay focused on our promise to provide quality, service, and value to our customers and communities.”
Washington Water’s last rate increase occurred in February 2015, and was based on improvements made and increases in costs prior to 2014.
Washington Water serves 16,800 customer connections in nearly 200 water systems throughout the state. One of the largest regulated water utilities in the state, Washington Water (as Harbor Water and South Sound Utilities) has provided water service to Washington communities since 1970. Washington Water is a subsidiary of California Water Service Group (NYSE: CWT). Additional information may be obtained online at www.wawater.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; 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 and climate on water availability, water sales and operating results; the unknown impact of contagious diseases on the Company’s operations; 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.
Released December 3, 2018