California Water Service Group Surpasses Global Average ESG Evaluation Score from S&P Global Ratings
SAN JOSE, Calif., Oct. 04, 2023 (GLOBE NEWSWIRE)—In its recently published Environmental, Social, and Governance (ESG) Evaluation Report, S&P Global Ratings awarded California Water Service Group (NYSE: CWT) a score of 74 out of 100. Group performed on par with other utility networks in the United States (average score of 74/100), scored higher than the global sector average (72/100), and was rated even higher than the global average score (65/100) among more than 185 entities across 21 sectors.
According to S&P Global Ratings, "Group's ESG Evaluation score of 74 illustrates our assessment of the company's capable management of water services and sewage treatment...The company excels in infrastructure resilience and prioritizes capital allocation toward water conservation programs, maintenance of water quality in the face of emerging contaminants, and water affordability initiatives." Additionally, S&P Global Ratings noted, "Group's familial work culture embeds its values of water quality and accessibility for customers throughout its operations, which we view as an asset in support of long-term sustainability."
"We continue to live by our long-standing culture of doing the right thing through our various sustainability and citizenship efforts across the business," said Martin A. Kropelnicki, Group Chairman & CEO. "We are pleased to have performed well in our first ESG Evaluation, and look forward to further progress and improving on our performance."
In recognition of Group's sustainability and citizenship efforts, the Company has been named one of the "World's Most Trustworthy Companies" and one of "America's Most Responsible Companies" by Newsweek, earned a Great Place to Work® certification for the eighth consecutive year, and its California subsidiary—California Water Service—was ranked highest in overall customer satisfaction among large water utilities in the western United States* in the J.D. Power 2023 U.S. Water Utility Residential Customer Satisfaction StudySM.
Also, in May of this year, Group published its 2022 ESG Report and committed to setting greenhouse gas emissions reduction targets by the end of the third quarter of 2024. The Company's emissions reduction targets will build on existing objectives and initiatives to address material ESG risks to the business and its stakeholders, all of which are reported on in more detail in the 2022 ESG Report.
The California Water Service Group ESG Evaluation Report produced by S&P Global Ratings can be found at www.calwatergroup.com/esg-evaluation-2023.
About California Water Service Group
California Water Service Group is the largest regulated water utility in the western United States. It provides high-quality, reliable water and/or wastewater services to more than 2 million people in California, Hawaii, New Mexico, Washington, and Texas through its regulated subsidiaries, California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, and its utility holding company, Texas Water Service.
What sets Group apart is its commitment to enhancing the quality of life for its customers, communities, employees, and stockholders. Guided daily by their promise to provide quality, service, and value, Group's 1,200+ employees lead the way in working to protect the planet, care for people, and operate with the utmost integrity. Integral to Group's strategy is investing responsibly in water and wastewater infrastructure, sustainability initiatives, and community well-being. The company has been named one of "America's Most Responsible Companies" and the "World's Most Trustworthy Companies" by Newsweek and a Great Place to Work®. More information is available at www.calwatergroup.com.
*California Water Service received the highest score in the West Large segment of the J.D. Power 2023 U.S. Water Utility Residential Customer Satisfaction Study of customers' satisfaction nationally among water customers in the US. Visit jdpower.com/awards for more details.
Released October 4, 2023