American Water Works Company, Inc 8-K, filed May 1, 2023
American Water Works Company, Inc. (AWK)
8-K
2023-05-01
For: 2023-05-01
View Original
Added on
April 09, 2026
About this 8-K
American Water Works Company, Inc filed this 8-K on May 1, 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 1, 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.
Filing of Rate Adjustment Request by West Virginia-American Water Company
On May 1, 2023, West Virginia-American Water Company (“West Virginia American Water”), a subsidiary of American Water Works Company, Inc. (the “Company”), announced that on May 1, 2023, it filed a request with the Public Service Commission of West Virginia (the “WVPSC”) to adjust water and wastewater rates. The request seeks aggregate annualized incremental revenue of $44.9 million, excluding infrastructure surcharges of $6.9 million. The request is based on a proposed return on equity of 10.5% and a capital structure with an equity component of 52.8%. If approved by the WVPSC, the new rates would be expected to take effect on February 25, 2024, unless otherwise provided by the WVPSC.
A copy of the press release issued by West Virginia American Water on May 1, 2023, 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.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements included in this Current Report on Form 8-K (or the exhibits thereto) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. In some cases, these forward-looking statements can be identified by words with prospective meanings such as “intend,” “plan,” “estimate,” “believe,” “anticipate,” “expect,” “predict,” “project,” “propose,” “assume,” “forecast,” “outlook,” “future,” “pending,” “goal,” “objective,” “potential,” “continue,” “seek to,” “may,” “can,” “will,” “should” and “could,” or the negative of such terms or other variations or similar expressions. These forward-looking statements are predictions based on the Company’s current expectations and assumptions regarding future events. They are not guarantees or assurances of any outcomes, performance or achievements, and readers are cautioned not to place undue reliance upon them. The forward-looking statements are subject to a number of estimates and assumptions, and known and unknown risks, uncertainties and other factors. Actual results may differ materially from those discussed in the forward-looking statements included in this Current Report on Form 8-K as a result of the factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission (the “SEC”) on February 15, 2023, and other filings with the SEC, and additional risks and uncertainties, including with respect to (1) the terms of any settlement agreement or stipulation, and/or final order of the WVPSC with respect to the above-referenced request; (2) the timing of the implementation of new rates thereunder; (3) regulatory, legislative, local or municipal actions affecting the water and wastewater industries, which could adversely affect the Company or West Virginia American Water; and (4) other economic, financial, political, business and other factors that may impact or affect the water and wastewater industries generally or the Company or West Virginia American Water specifically.
These forward-looking statements are qualified by, and should be read together with, the risks and uncertainties set forth above and the risk factors included in the Company’s annual and quarterly reports as filed with the SEC, and readers should refer to such risks, uncertainties and risk factors in evaluating such forward-looking statements. Any forward-looking statements speak only as of the date of this Current Report on Form 8-K. The Company does not have any obligation or intention to update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as otherwise required by the federal securities laws. New factors emerge from time to time, and it is not possible for us to predict all such factors. Furthermore, it may not be possible to assess the impact of any such factor on the Company’s or West Virginia American Water’s business, either viewed independently or together, or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits to this Current Report have been provided herewith as noted below:
2
| 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. | ||||||||
3
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 1, 2023 | By: | /s/ JOHN C. GRIFFITH | |||||||||||
| John C. Griffith | ||||||||||||||
| Executive Vice President and Chief Financial Officer | ||||||||||||||
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Exhibit 99.1
West Virginia American Water Submits Rate Request Driven by $340 Million in Investment; Proposes New Low-Income Tariff for Customers in Need
Charleston, W.Va. (May 1, 2023) – West Virginia American Water filed a rate adjustment request today with the Public Service Commission of West Virginia (PSC) reflecting approximately $340 million in water and wastewater system investments made from 2020 through February 2025 to continue providing safe and reliable service. The company continues to make needed investments to replace aging infrastructure, comply with water quality and environmental regulations and meet customers’ water and wastewater service needs. If approved, new rates reflecting these investments would not go into effect until February 2024.
“This rate request provides for recovery of our investment from 2020 to present and seeks to facilitate future system investments into 2025,” said Robert Burton, president of West Virginia American Water. “The rates established in our last request did not recognize more than $48 million in system investments we had made by the time those rates took effect. Today’s filing seeks to remedy this investment recovery delay and to create long-term rate stability for our customers by accounting for the investment occurring throughout our water and wastewater systems.”
Recognizing the needs of our most vulnerable customers, the company is proposing a new Low-Income Tariff as part of this filing. This expanded, four-tiered proposal will better tailor rates to different levels of household income. Under this expanded tariff, eligible households would receive monthly bill discounts of between 15 and 65 percent for water and wastewater service. In addition to the proposed tariff, the current Department of Health and Human Resources 20 percent discount program and other customer assistance programs would continue.
“As a company, we believe that the service we provide must be safe, complying with all Environmental Protection Agency regulations and Safe Drinking Water Act standards; reliable, demonstrating resiliency in the face of adverse conditions; and affordable,” continued Burton. “With this in mind, we are pleased to expand our low-income options with our proposed tariff that will reduce rates for qualifying customers.”
If West Virginia American Water’s proposed rates are approved as requested in today’s filing, the monthly water bill for the average residential customer using 3,000 gallons per month would increase approximately $15 per month after factoring in the current Distribution System Improvement Charge (DSIC) currently appearing on customer bills. The average residential wastewater bill of 3,000 gallons would increase approximately $19 per month. New rates will not take effect until February 2024, following a 300-day statutory review by the PSC.
The PSC’s rate review process offers multiple opportunities for customer involvement. Customers can participate through written comments, attendance at public hearings, and consumer advocacy organizations that participate in the proceedings. For more information on the company’s rate proposal and to find out what actions customers may take, visit westvirginiaamwater.com and select “Your Water and Wastewater Rates” under the Customer Service menu.
About West Virginia American Water:
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 587,000 people.
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 6,500 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:
Megan Hannah
Sr. Manager, Government and External Affairs
West Virginia American Water
Megan.Hannah@amwater.com
304-380-8455
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