SAN DIMAS, Calif.--(BUSINESS WIRE)--Nov. 18, 2014--
American States Water Company (NYSE:AWR) announced that the California
Public Utilities Commission (“CPUC”) recently issued a final decision
adopting the settlement agreement between Golden State Water Company
(“GSWC”), a subsidiary of AWR, and all the parties involved in the
general rate case for GSWC’s electric division, Bear Valley Electric
Service (“BVES”), on the revenue requirement in the case. The final
decision sets new rates for the years 2013–2016 providing for modest
increases in customer rates. While the new rates are retroactive to
January 1, 2013, they are not expected to materially impact GSWC’s 2014
– 2016 earnings.
Among other things, the settlement agreement authorizes a return on
equity of 9.95% with a corresponding return on rate base of 8.60%, and
approves $11 million of capital projects for 2013 – 2016. The final
decision also authorized approximately $8.5 million of additional
capital projects to be filed for revenue recovery with advice letters
when those projects are completed.
BVES provides electric services to approximately 24,000 customers in the
City of Big Bear Lake and surrounding areas in San Bernardino County.
Commenting on the final decision, Robert J. Sprowls, President and Chief
Executive Officer, stated, “The CPUC’s approval of our electric rate
case will allow us to continue to serve our customers the best way
possible by investing in infrastructure that provides important upgrades
and programs to strengthen safety and reliability, while keeping
customer rates relatively unchanged. As we have stated before, a fair
and equitable regulatory process is good for customers and shareholders
alike.”
Certain matters discussed in this news release with regard to the
Company’s expectations may be forward-looking statements that involve
risks and uncertainties. The assumptions and risk factors that could
cause actual results to differ materially, include those described in
the Company’s Form 10-Q and Form 10-K filed with the Securities and
Exchange Commission.
American States Water Company is the parent of Golden State Water
Company and American States Utility Services, Inc. Through its utility
subsidiary, Golden State Water Company, AWR provides water service to
approximately 257,000 customers located within 75 communities throughout
10 counties in Northern, Coastal and Southern California. The Company
also distributes electricity to approximately 24,000 customers in the
City of Big Bear and surrounding areas in San Bernardino County,
California. Through its contracted services subsidiary, American States
Utility Services, Inc., the Company provides operations, maintenance and
construction management services for water and wastewater systems
located on military bases throughout the country through 50-year
privatization contracts with the U.S. government.
Source: American States Water Company
American States Water Company
Eva G. Tang
Senior Vice
President, Chief Financial Officer,
Treasurer and Corporate
Secretary
(909) 394-3600, extension 707