American Water Works Company, Inc 8-K, filed May 3, 2023
American Water Works Company, Inc. (AWK)
8-K
2023-05-03
For: 2023-05-03
View Original
Added on
April 09, 2026
About this 8-K
American Water Works Company, Inc filed this 8-K on May 3, 2023.
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): May 3, 2023
(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.
Missouri Public Service Commission (the “MoPSC”) Approval of “Black Box” Settlement in Missouri-American Water Company, Inc. (“Missouri American Water”) General Rate Case
On May 3, 2023, the MoPSC issued an order (the “Order”) approving the March 3, 2023 joint “black box” settlement of the general rate case filed by Missouri American Water, a wholly owned subsidiary of American Water Works Company, Inc. (the “Company”). The Order approves a $44.3 million annualized increase in water and wastewater revenues, excluding $50.7 million in previously approved infrastructure surcharges. The new water and wastewater rates are expected to be effective by May 31, 2023. The original filing, made on July 1, 2022, requested a $105.1 million increase in annualized water and wastewater revenues, excluding $40.2 million in previously approved infrastructure surcharges. Subsequent to the original filing, Missouri American Water filed an additional request for recovery of defined infrastructure investments, which adjusted the infrastructure surcharges to $50.7 million, and, in turn, the amount of the incremental annualized revenue in the general rate case decreased to $94.6 million.
The requested annualized revenue increase was driven primarily by $770 million of incremental capital investments since the 2021 general rate case. For purposes of the general rate case, Missouri American Water’s view of its rate base is $2.3 billion, and its view as to its return on equity (“ROE”) and long-term debt ratio (each of which is based on the Order but was not disclosed therein) is 9.75% and 50.0%, respectively, compared to an ROE of 9.55% and long-term debt ratio of 50.0%, each of which was based on Missouri American Water’s view of its 2021 general rate case.
A copy of the press release issued by Missouri American Water on May 3, 2023 to announce the issuance of the MoPSC’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 this 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 | |||||||
| 99.1* | ||||||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are included and formatted as Inline XBRL). | |||||||
| * Filed herewith. | ||||||||
2
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: | May 3, 2023 | By: | /s/ JOHN C. GRIFFITH | |||||||||||
| John C. Griffith | ||||||||||||||
| Executive Vice President and Chief Financial Officer | ||||||||||||||
3
Exhibit 99.1
Missouri Public Service Commission Issues Rate Order Approving Settlement
Rate Review driven by $770 million in system improvements; settlement includes funding for customer assistance programs
ST. LOUIS, Mo. (May 3, 2023) – On May 3, 2023, the Missouri Public Service Commission (MoPSC) issued an order approving the rate settlement reached by parties in Missouri American Water’s rate review for its water and wastewater operations. The company, the MoPSC Staff, the Office of the Public Counsel, the Midwest Energy Consumers Group, the City of St. Joseph, and Consumer’s Council of Missouri signed on to the settlement. No parties involved in the rate review objected to the settlement.
“We are pleased the Missouri Public Service Commission approved the settlement, which was reached after working diligently with the parties to balance affordability with system investments,” said Rich Svindland, president of Missouri American Water. “The settlement allows us to recover prudent investments in our treatment plants and pipelines that benefit customers by enhancing service, reliability, resiliency and water quality.”
The rate review, which was filed in July 2022, included a request for recovery of nearly $770 million in water and wastewater system improvements from January 2021 to May 2023.
New rates are expected to take effect by the end of May 2023. Most residential water customers will see an increase of about $5 to $7 in their total monthly bill, while most wastewater customers will see an increase ranging from less than $1 to about $7 on their monthly bill, depending on the customer’s service area.
The MoPSC also approved customer assistance funding.
“While a water bill is typically one of the lowest utility bills, we understand it’s not the only bill that customers pay,” said Svindland. “We are proud to continue our support for our H2O Help to Others customer assistance program and offer flexible options like installment plans and budget billing, and to help customers facing especially difficult circumstances like rehousing or a critical event.”
Information on customer assistance programs can be found at missouriamwater.com > Customer Service and Billing > Payment Assistance Options. Customers in need are also encouraged to apply for the Low-Income Household Water Assistance Program, which is a temporary federal program that offers grants up to $750 to help with water and/or wastewater bills.
For more details on the company’s rate review, visit missouriamwater.com > Customer Service and Billing > Water and Wastewater Rates.
Missouri American Water
Missouri 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 1.5 million people. For more, visit missouriamwater.com and follow Missouri American Water on Twitter, Facebook and LinkedIn.
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 approximately 6,500 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:
Christie Barnhart
Senior Manager, External Communications
Cell: 417-529-9781
Christie.barnhart@amwater.com
###