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YORK, Pa., Sept. 29, 2010 (GLOBE NEWSWIRE) -- Jeffrey R. Hines, President and CEO of The York Water Company (Nasdaq:YORW) announced today that the Company has filed a settlement petition of its pending rate case with the Pennsylvania Public Utility Commission. The settlement, which is joined in by all active parties, provides for an increase in annual base rate revenues of $3,400,000.
Hines stated, "We believe that during these difficult times this is a reasonable settlement that allows us to recover the $30 million investment in system improvements and infrastructure replacements, and allows us to continue to meet the current and future needs of our customers."
It is estimated that the settlement will increase the average residential customer bill from $35.70 per month to $38.54 per month, the average commercial customer bill from $151.49 per month to $161.64 per month and the average industrial customer bill from $769.98 per month to $822.66 per month. Hines commented that "even with the increase, the cost for a gallon of water for our average customer is still less than one penny per gallon."
The settlement must be approved by the presiding Administrative Law Judge David A. Salapa and the Pennsylvania Public Utility Commission before increased rates become effective. The increases in rates under the settlement will likely become effective on or before November 4, 2010.
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CONTACT: The York Water Company
Jeffrey R. Hines, President and CEO
Kathleen M. Miller, Chief Financial Officer