As of Oct. 31, the company was awaiting a final order for a general rate case in Virginia, requesting an additional $6.0 million in annual revenues, including a $0.3 million nonjurisdictional component. A proposed settlement of $2.3 million is currently pending approval by the Commission, which when combined with the $0.3 million, would provide a net increase of $2.6 million in revenues for the company. The extent to which requested rate increases will be granted by the applicable regulatory agencies will vary. The primary driver of the company’s rate requests is capital investments made to ensure reliable service to customers.“Making efficient use of capital to invest in our water systems is core to our business. The improvements we have made over the years to successfully manage through major weather events, like last week's hurricane, is just one example. That is why we are working with regulators to adopt mechanisms that accelerate needed improvements while being mindful of changes in rates,” said Sterba. “The recent approval of distribution surcharges in New Jersey will have a significant positive impact on the long-term reliability of water systems in the state with the added benefit of creating hundreds of jobs annually.”
American Water Reports Third Quarter 2012 Results, Demonstrating Strong Year-Over-Year Growth
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