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Share Name | Share Symbol | Market | Type |
---|---|---|---|
California Water Service Group | NYSE:CWT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.43 | -0.82% | 51.73 | 52.24 | 51.40 | 52.15 | 75,385 | 17:08:49 |
The court’s ruling determined that the CPUC did not follow statutory procedures mandated by the State Legislature and rules of the CPUC itself to provide sufficient notice that it was considering eliminating the long-standing practice of decoupling as a rate-making mechanism. This prevented utilities from having the opportunity to provide evidence that supports decoupling—which removes the link between water revenue and sales—as an effective means to help keep water rates affordable for low-water-using customers, while simultaneously helping keep utilities financially stable as they promote water conservation.
“Protecting our customers is our top priority, and we are pleased that the Supreme Court has ruled in favor of water utilities maintaining our due process rights and being able to demonstrate the effectiveness of certain rate-making mechanisms before regulatory decisions are made to remove them,” said Martin A. Kropelnicki, Cal Water Chairman & CEO. “Decoupling is an important tool that helps keep our customers’ rates affordable as we promote conservation to help provide critical water supplies, now and in the future.”
Cal Water was one of four regulated utilities that filed petitions against the CPUC’s elimination of decoupling without providing adequate notice, thus not allowing the utilities to properly present decoupling benefits during the rate-making process.
About California Water ServiceCalifornia Water Service provides high-quality, reliable water utility services to more than 2 million people statewide through 497,700 service connections. Cal Water’s purpose is to enhance the quality of life for customers and communities. To do so, it invests responsibly in water and wastewater infrastructure, sustainability initiatives, and community well-being. The company’s 1,100+ employees live by a set of strong core values and share a commitment to protecting the planet, caring for people, and operating with the utmost integrity. The utility has been named one of “America’s Most Responsible Companies” and the “World’s Most Trustworthy Companies” by Newsweek and a Great Place to Work®. More information is available at www.calwater.com.
Contact: Yvonne Kingman, 310-257-1434
1 Year California Water Service Chart |
1 Month California Water Service Chart |
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