American Water Works Company, Inc 8-K, filed Aug 17, 2022
American Water Works Company, Inc. (AWK)
8-K
2022-08-17
For: 2022-08-17
View Original
Added on
April 09, 2026
About this 8-K
American Water Works Company, Inc filed this 8-K on August 17, 2022.
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): August 17, 2022
(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:
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. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
Item 8.01. Other Events.
New Jersey Board of Public Utilities (the “NJBPU”) Order Approving Stipulation and Settlement of New Jersey-American Water Company, Inc. (“NJAWC”) General Rate Case
On August 17, 2022, the NJBPU issued an order approving a stipulation and settlement (the “Settlement”) of a general rate case filed on January 14, 2022 by NJAWC, a wholly owned subsidiary of American Water Works Company, Inc., seeking $94.7 million of increased annualized revenues. The Settlement was entered into among NJAWC, the staff of the NJBPU, the New Jersey Division of Rate Counsel, and several intervenors in the general rate case. The order approves a $45.5 million annualized increase in water and wastewater revenues, effective as of September 1, 2022, based on an authorized return on equity (“ROE”) of 9.6%, authorized rate base of $4.15 billion, a common equity ratio of 54.6% and a long-term debt ratio of 45.4%, compared to an authorized ROE of 9.6%, authorized rate base of $3.57 billion, a common equity ratio of 54.6% and a long-term debt ratio of 45.4%, as approved in NJAWC’s last general rate case in 2020. NJAWC’s request incorporated updated estimates of production costs, including chemicals, fuel and power costs. Beginning January 1, 2023, NJAWC will defer as a regulatory asset or liability, as appropriate, the difference between its pension expense and other post-employment benefits (OPEB) expense included in base rates. The deferral period for this regulatory asset or liability will be two years or, if earlier, will end at the conclusion of NJAWC’s next general rate case. NJAWC also withdrew its request, without prejudice, to recover its existing authorized COVID-19-related regulatory asset in the general rate case and will seek recovery in a separate proceeding within the process established in the NJBPU’s generic COVID-19 proceeding.
A copy of the press release issued by NJAWC on August 17, 2022 to announce the issuance of the NJBPU’s order has been filed as Exhibit 99.1 hereto and is incorporated herein by reference. References and links to websites and other information contained in the press release are not provided as active hyperlinks, and the information contained in or accessed through these hyperlinks shall not be incorporated into, or form a part of, this Current Report on Form 8-K.
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 of Exhibit | |||||||||||||
| 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: | By: | /s/ JOHN C. GRIFFITH | ||||||||||||
| John C. Griffith | ||||||||||||||
| Executive Vice President and Chief Financial Officer | ||||||||||||||
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Exhibit 99.1
New Jersey American Water Granted New Rates by
New Jersey Board of Public Utilities
Increase Driven by Over $985 Million in System Investments; Water Service Remains About One Penny Per Gallon
CAMDEN, N.J. (August 17, 2022) – The New Jersey Board of Public Utilities (BPU) today approved a settlement between New Jersey American Water and the N.J. Division of Rate Counsel, BPU Staff, and several intervenors for new water and wastewater rates for New Jersey American Water. The approved rates represent a total annualized revenue increase of approximately $45.5 million.
The company’s rate request was filed on January 14, 2022, and was primarily driven by more than $985 million in infrastructure investment in treatment system and distribution upgrades since its last rate filing.
The new rates will become effective September 1, 2022. With the approved rate increase, the monthly bill for an average water customer using 5,520 gallons will increase approximately $2.93, and the monthly bill for an average wastewater customer will increase approximately $3.74. Even with the new rates, the cost of high-quality, reliable, water and wastewater service continues to be about one penny per gallon and remains among the lowest household utility bills.
“We are proud of the level of investment we are able to make into our systems to continue to provide high-quality, reliable service, even through extreme weather and other challenges including the pandemic, while maximizing efficiencies to balance the impact to customers,” said Mark McDonough, President, New Jersey American Water. “The combination of effective capital planning and sound business management helps keep water and wastewater service both reliable and affordable for the 2.8 million people we proudly serve.”
Customers will receive information about the new rates in their next New Jersey American Water bill. This information will also be available on the company’s website at www.newjerseyamwater.com under Customer Service & Billing, Your Water and Wastewater Rates, or by calling 800-272-1325, Monday through Friday, 7 a.m. to 7 p.m.
New Jersey American Water also wants to remind its customers about the variety of bill paying assistance programs that are available. Customers who are having difficulty paying their water and/or wastewater bills are encouraged to arrange for payment arrangements or budget billing directly through the MyWater customer portal or by calling the company’s Customer Service Center at 800-272-1325. Customers who meet low-income requirements may also apply for assistance through the company’s H2O Help to Others program, which provides water and wastewater service charge discounts of up to 100 percent. Additionally, customers who are behind on their bills may also qualify for the new LIHWAP program, administered by the N.J. Department of Community Affairs. More information about all of these programs can be found at www.newjerseyamwater.com under Customer Service & Billing, Bill Paying Assistance.
About New Jersey American Water New Jersey 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 and/or wastewater services to approximately 2.8 million people. For more information, visit www.newjerseyamwater.com and follow New Jersey American Water on Twitter and Facebook.
About American Water 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 6,400 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to more than 14 million people in 24 states. American Water provides safe, clean, affordable and reliable water services to our customers to help keep their lives flowing. For more information, visit amwater.com and diversityataw.com. Follow American Water on Twitter, Facebook and LinkedIn.
AWK-IR
Media Contact:
Denise Venuti Free
Director of Communications & External Affairs
New Jersey American Water
denise.free@amwater.com
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