AWK American Water Works Company Inc.

West Virginia American Water and Page-Kincaid Public Service District Reach Agreement on System Acquisition

West Virginia American Water and Page-Kincaid Public Service District have reached an agreement that will allow West Virginia American Water to purchase the community’s water system and provide safe, reliable service to its customers.

Page-Kincaid Public Service District, which serves approximately 650 customers along Rt. 61 in Fayette County, has struggled to maintain adequate service to its customers in recent years. The community’s water system needs substantial infrastructure upgrades, primarily associated with water quality concerns and service reliability.

“The people of Page-Kincaid have been suffering with inadequate water supply and service for a long time,” said West Virginia American Water president Robert Burton. “We have remained steadfast in our commitment to address the concerns of this community, and we are pleased to reach this agreement. The path forward will be a tedious transition, but the result will be a healthier, safer community for generations to come in Page-Kincaid.”

West Virginia American Water will acquire Page-Kincaid Public Service District’s water distribution system and reinforce an interconnection between the company’s water lines in Fayette County and the community’s water system. The community will be served from the company’s New River water treatment plant located in Beckwith. The transition to this new source will occur in a series of phases, with some customers receiving service from West Virginia American Water within a matter of days. The entire transition period is expected to last up to one year before all customers receive water service from West Virginia American Water.

Under the agreement, West Virginia American Water will make needed investments in the community’s water distribution system to reduce leakage and improve water quality. During the transition period, the company will repair and replace water pipe, replace water meters and flush water storage tanks. The company will provide additional details to local residents on its investment and transition plan in the coming months. In addition, West Virginia American Water, the District, and the Public Service Commission continue to discuss the long-term future of the District’s wastewater system.

Upon closing, West Virginia American Water will own and operate the water lines as part of its New River water system. All customers currently served by the Public Service District will continue to be billed by the District during the transition period and will become customers of West Virginia American Water when the acquisition is complete. The proposed agreement requires the approval of the Public Service Commission.

West Virginia American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water services to approximately 565,000 people. With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 6,800 dedicated professionals who provide regulated and market-based drinking water, wastewater and other related services to 15 million people in 46 states. American Water provides safe, clean, affordable and reliable water services to our customers to make sure we keep their lives flowing. For more information, visit and follow American Water on Twitter, Facebook and LinkedIn.

Connect with us: ● Instagram: @wvamwater

EN
17/09/2020

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on American Water Works Company Inc.

American Water Works Company Inc: 1 director

A director at American Water Works Company Inc sold 2,825 shares at 143.280USD and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last ...

American Water Works Company, Inc.: Update to credit analysis

Our credit view of American Water reflects its geographically diverse holdings with operations in 24 states, constrained by its steady dividend growth rate ranging 7-9% over next five years.

American Water Works Company, Inc.: American Water cyber breach carrie...

A 3 October cyber incident disrupted customer service and may negatively affect customer relations and increase regulatory scrutiny.

 PRESS RELEASE

West Virginia American Water Receives Base Rate and Surcharge Orders f...

CHARLESTON, W.Va.--(BUSINESS WIRE)-- The Public Service Commission of West Virginia (PSC) issued an order late Friday, February 23 approving adjusted water and wastewater rates for West Virginia American Water customers following the company’s May 2023 request for a rate adjustment. The order authorizes an additional $18.4 million in revenue, driven by over $220 million in completed infrastructure investments made since 2020, including upgrades to water mains, treatment plants, tanks, valves, booster stations and other infrastructure necessary to maintain and improve water quality, service rel...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch