This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

West Virginia American Water Completes Purchase Of Pratt Water System

Stocks in this article: AWK

West Virginia American Water announced today that it has completed a $437,000 purchase of the Town of Pratt’s water system. Residents of Pratt – a small community in southeastern Kanawha County – voted overwhelmingly in favor of the proposed sale of the town’s struggling water system in June, and the transaction received approval of the Public Service Commission in July. The Kanawha County Commission also contributed $180,000 to help the town pay off outstanding debt obligations.

Prior to completing the acquisition, West Virginia American Water constructed a 1.7-mile pipeline interconnecting Pratt’s system and the company’s existing Kanawha Valley operations. Beginning this week, residents of Pratt, Hansford, Crown Hill and Paint Creek will receive their water from the company’s award-winning Kanawha Valley water treatment plant along the Elk River in Charleston. The purchase adds approximately 450 new customers to the company’s 171,000-customer base, and Pratt’s failing water treatment plant will be permanently taken out of service.

The company also agreed to invest approximately $400,000 in the town’s existing distribution system, including high-priority improvements to fix and replace dysfunctional fire hydrants, fix prominent water leaks and replace all meters so that customers are billed accurately. The company will evaluate other system needs and address them accordingly, once these initial improvements are made.

State, county and town officials and residents will join company representatives for a valve-turning ceremony on Thursday, November 21, at 2:00 p.m. to turn one final valve, symbolizing the town’s official transition to a high quality, reliable water source.

“We are pleased to expand our operations to serve residents in and around the community of Pratt and are confident that our team’s expertise and our company’s investment will vastly improve water quality and service reliability for customers,” said West Virginia American Water President Jeff McIntyre.

“We appreciate the ongoing support of residents, town officials and the Kanawha County Commission in this endeavor,” McIntyre stated. “Without the significant financial contribution to the town’s debt obligations by the Kanawha County Commission, this transaction would not have been possible. We look forward to continued opportunities to demonstrate our role as the state’s leading water and wastewater solutions-provider.”

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!

Markets

DOW 17,814.94 0.00 0.00%
S&P 500 2,070.97 +3.94 0.19%
NASDAQ 4,781.2890 +23.0370 0.48%

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