California Public Utilities Commission Issues Decision on California Water Service Company's 2007 General Rate Case
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At its meeting on July 10, the California Public Utilities Commission
(CPUC) approved a settlement between the CPUC’s
Division of Ratepayer Advocates and California Water Service Company
(Cal Water), the largest subsidiary of California Water Service Group
(NYSE: CWT), authorizing rate increases in eight Cal Water districts.
The decision authorizes rate increases totaling $33.4 million for
operating districts in Chico, East Los Angeles, Livermore, Los Altos,
Mid-Peninsula (San Carlos and San Mateo), Salinas, Stockton, and
Visalia. The decision also allows Cal Water to receive other rate
relief, including recognition of increased system-wide costs such as
healthcare, water quality requirements, and infrastructure. A copy of
the full decision may be obtained at the CPUC’s
web site at www.cpuc.ca.gov.
In its decision, the CPUC notes, "we are not
unmindful of the impact the increases will have on customers, but we are
also concerned that the infrastructure of water utilities we regulate,
including Cal Water’s, is aging and will
require significant infrastructure planning and investment in future
years.”
California Water Service Group is the parent company of California Water
Service Company, Washington Water Service Company, New Mexico Water
Service Company, Hawaii Water Service Company, Inc., and CWS Utility
Services. Together these companies provide regulated and non-regulated
water service to nearly 2 million people in 100 California, Washington,
New Mexico, and Hawaii communities. Group’s
common stock trades on the New York Stock Exchange under the symbol "CWT”.
This news release contains forward-looking statements within the
meaning established by the Private Securities Litigation Reform Act of
1995 ("Act"). The forward-looking statements are
intended to qualify under provisions of the federal securities laws for
"safe harbor" treatment established by the Act. Forward-looking
statements are based on currently available information, expectations,
estimates, assumptions and projections, and management's judgment about
the Company, the water utility industry and general economic conditions. Such words as expects, intends, plans, believes, estimates, assumes,
anticipates, projects, predicts, forecasts or variations of such words
or similar expressions are intended to identify forward-looking
statements. The forward-looking statements are not guarantees of
future performance. They are subject to uncertainty and changes
in circumstances. Actual results may vary materially from what is
contained in a forward-looking statement. Factors that may cause
a result different than expected or anticipated include, but are not
limited to: governmental and regulatory commissions' decisions; changes
in regulatory commissions' policies and procedures; the timeliness of
regulatory commissions' actions concerning rate relief; new legislation;
electric power interruptions; increases in suppliers' prices and the
availability of supplies including water and power; fluctuations in
interest rates; changes in environmental compliance and water quality
requirements; acquisitions and our ability to successfully integrate
acquired companies; the ability to successfully implement
business plans; changes in customer water use patterns; the impact of
weather on water sales and operating results; access to sufficient
capital on satisfactory terms; civil disturbances or terrorist threats
or acts, or apprehension about the possible future occurrences of acts
of this type; the involvement of the United States in war or other
hostilities; restrictive covenants in or changes to the credit ratings
on our current or future debt that could increase our financing costs or
affect our ability to borrow, make payments on debt or pay dividends;
and, other risks and unforeseen events. When considering
forward-looking statements, you should keep in mind the cautionary
statements included in this paragraph, as well as the annual 10-K,
Quarterly 10-Q, and other reports filed from time-to-time with the
Securities and Exchange Commission (SEC). The Company assumes no
obligation to provide public updates of forward-looking statements.
Additional information is available at our Web site at www.calwatergroup.com.
