H2o America 8-K, filed Dec 1, 2021
H2o America (HTO)
About this 8-K
H2o America filed this 8-K on December 1, 2021, reporting on events of November 17, 2021.
Items reported
- Item 8.01: Other events
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Item 8.01. Other Events
On November 17, 2021, The Connecticut Water Company (“CWC”), an indirect wholly-owned subsidiary of SJW Group, received a decision from the Public Utilities Regulatory Authority of Connecticut (“PURA”) on its request for reconsideration related to certain tax matters in PURA’s July 28, 2021 decision on its general rate case (the “July Decision”). The reconsideration decision authorized an additional $2.1 million of revenues, increasing the total authorized revenues in the rate case by $7.3 million or 7.12%, to $110.3 million.
The July Decision approved a return on equity of 9% and a capital structure of 53% equity and 47% debt. Further, the July Decision approved CWC’s request to establish a first of its kind water rate assistance program for income eligible customers in Connecticut and a tiered block rate structure for residential water customers to promote water conservation. The July Decision did not include all of the requested pro forma plant due to the timing of their completion. However, no plant was disallowed.
On October 26, 2021, CWC filed for an increase in the Water Infrastructure and Conservation Adjustment (“WICA”) mechanism, which was approaching its statutory cap and was reset to zero at the time of the July Decision. The WICA filing requests approximately $2.6 million of additional revenues that would be effective in January 2022 for $22 million in WICA eligible completed projects. Many of the projects were those that were not considered by PURA in the general rate case because of the deadline in the proceeding for pro forma capital additions.
SIGNATURE
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.
| SJW GROUP | ||||||
| Date: December 1, 2021 | /s/ James P. Lynch |
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| James P. Lynch, Chief Financial Officer and Treasurer | ||||||