This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Settlement Proposed In West Virginia American Water General Rate Case

The Public Service Commission (PSC) staff, Consumer Advocate Division (CAD) and West Virginia American Water announced a joint stipulation agreement today in the company’s general rate proceedings. The settlement, which each of the parties believes to be a fair and reasonable resolution of the cases, will avoid the additional expense that would result from full litigation before the Commission.

“This agreement is based on extensive negotiations and substantial compromises by all parties as a way to expedite and simplify the resolution of this case,” said Jeff McIntyre, President of West Virginia American Water. “We, along with the other parties involved, hope that the Commission will accept this stipulation as a fair and reasonable resolution with the best interest of our customers at its core.”

The main driver in West Virginia American Water’s request was the approximately $85 million of system improvements the company has made since 2009, which is the year on which customers’ current rates are based. These capital investments, which include upgrades to the water distribution system, water treatment facilities, storage tanks, pumping stations and computer systems, are necessary to enhance customer service and maintain water quality, service reliability and fire protection for approximately one-third of the state’s population served by West Virginia American Water.

If accepted as proposed, the average residential water bill based on 3,315 gallons would change from $39.11 to $41.88 and the average Fayetteville residential sewer bill would change from $35.78 to $40.92. The settlement recommends an $8.125 million annual water revenue increase for the company’s water customers statewide, which is a seven percent increase, and a $337,412 annual sewer revenue increase for the company’s wastewater system in Fayetteville, which would be a 14 percent increase if allocated as proposed.

As part of the compromise, the company has agreed not to file another general rate case for water or wastewater prior to Jan. 1, 2015.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs