American Water Works Company, Inc 8-K, filed Jul 6, 2021
American Water Works Company, Inc. (AWK)
8-K
2021-07-06
For: 2021-06-28
View Original
Added on
April 09, 2026
About this 8-K
American Water Works Company, Inc filed this 8-K on July 6, 2021, reporting on events of June 28, 2021.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 28, 2021
American Water Works Company, Inc.
(Exact name of registrant as specified in its charter)
Commission File Number: 001-34028
| (State or other jurisdiction of incorporation) | (IRS Employer Identification No.) | ||||
(Address of principal executive offices, including zip code)
(856 ) 955-4001
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events.
Iowa Utilities Board Issues Order in General Rate Case
On June 28, 2021, the Iowa Utilities Board (the “IUB”) issued an order unanimously approving a rate adjustment pursuant to a general rate case filed on August 28, 2020 by the Iowa subsidiary of American Water Works Company, Inc. (the “Company”). Under the IUB’s order, the Company’s Iowa subsidiary will be authorized additional annualized water revenues of $2.3 million. The Company’s Iowa subsidiary intends to file a motion with the IUB seeking clarification of its order with respect to, among other things, the inclusion of a rate base offset in the return of unprotected excess accumulated deferred income taxes to customers. An effective date for final rates will be established after resolution of the motion for clarification, and the filing of final tariffs and rate designs by the Company’s Iowa subsidiary and approval thereof by the IUB.
A copy of the press release issued by the Company’s Iowa subsidiary on July 6, 2021 has been filed as Exhibit 99.1 hereto and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits to this Current Report have been provided herewith (as noted below):
| Exhibit No. | Description | |||||||
| 99.1* | ||||||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are included and formatted as Inline XBRL). | |||||||
| * Filed herewith. | ||||||||
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMERICAN WATER WORKS COMPANY, INC. | ||||||||||||||
| Dated: | July 6, 2021 | By: | /s/ M. SUSAN HARDWICK | |||||||||||
| M. Susan Hardwick | ||||||||||||||
| Executive Vice President and Chief Financial Officer | ||||||||||||||
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Exhibit 99.1
Final Order Issued by the Iowa Utilities Board in
Iowa American Water’s Rate Review
Over $87 million in water infrastructure investment drives the need for a rate adjustment
Davenport, Iowa. (July 6, 2021) – Following a 10-month review, the Iowa Utilities Board (IUB) issued an order on June 28 approving a rate adjustment for Iowa American Water. The company’s investment of almost $87 million in water system improvements is the primary driver behind the rate adjustment request.
Company officials say the additional revenue will help Iowa American Water continue to invest proactively in its water infrastructure throughout the state. Iowa American Water last received a rate change order from the IUB four years ago in 2017.
“By continually improving our water systems, we help reduce the frequency of service interruptions, prevent property damage from water main breaks and enhance fire protection. We carefully plan and invest in our water systems to provide safe, clean, and reliable service to about 213,000 residents in eight eastern Iowa communities,” said Randy Moore, president of Iowa American Water. “These investments are key to our commitment to provide outstanding service and reliability, both now and for future generations.”
The need to upgrade water systems is a national issue. The EPA’s 2015 Drinking Water Needs Assessment reported to Congress that Iowa drinking water systems have an estimated capital need of more than $7.8 billion over the next 20 years with the majority needed for the small and medium sized systems that dominate the state.
Investments included in the rate review included the replacement of aging water pipelines and the upgrading of treatment plants, storage tanks, wells, and pumping stations across the state.
Iowa American Water’s rates are based on the cost of providing water service as reviewed and approved by the IUB. The next step in the process will be for Iowa American Water to prepare and file a final rate design and rates for approval by the IUB that complies with the terms in the order and the allowed increase between the company’s various customer classifications. An effective date for the new rates will be established once the IUB approves the company’s rate design.
“The residents and businesses in our service communities rely on us to provide safe, reliable water service for quality of life, economic development and fire protection,” Moore added. “With over
900 miles of water pipe serving our customers, we must continue to make these proactive investments to maintain and improve service.”
In addition, Iowa American Water is continuing to respond to financial hardships the COVID-19 pandemic has caused some of its customers. The company continues to offer payment arrangements and budget billing to customers who need assistance. Additionally, the company provides financial assistance to low-income, eligible customers through its H2O Help to Others Program™.
“As a utility whose services are critical to public health, we take our responsibility to provide quality drinking water seriously, and as such, we are committed to keeping our systems and facilities well maintained,” added Moore. “Even with this increase in rates, water service remains a good value for our customers at about a penny a gallon.”
In its final rate order, the IUB approved an overall increase in additional annual revenue of $2.3 million. The company filed its original rate review request with the IUB in August 2020 seeking an annual revenue increase totaling approximately $3.9 million.
Customers can contact the company’s customer service center at 1-866-641-2108 with additional questions they may have. Additional information can also be found on the Iowa Utilities Board’s website at www.state.ia.us/iub/.
About Iowa American Water
Iowa 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 213,000 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 7,000 dedicated professionals who provide regulated and market-based drinking water, wastewater, and other related services to more than 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 amwater.com and follow American Water on Twitter, Facebook and LinkedIn.
Media Contact:
Lisa Reisen, External Affairs Manager
563-343-6127
lisa.reisen@amwater.com
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