California American Water (AWK), on Tuesday announced that it reached a partial settlement agreement with the California Public Utilities Commission's Public Advocates Office in its statewide General Rate Case covering the 2027 to 2029 period.
The company expects to implement new rates on January 1, 2027.
Under the agreement, the company would be permitted to recover additional annualized water and wastewater revenue of $24 million in 2027, $21 million in 2028 and $22 million in 2029, assuming Construction Work in Progress remains in rate base.
The revised proposal of 2027 increase compares with the company's revised request for an additional $43 million above the expected 2026 revenue.
The settlement also increases Customer Assistance Program discounts to 50% from 35% for qualified residential customers in Central California and continues 25% discounts for eligible customers in Northern and Southern California.
The remaining issue regarding the treatment of Construction Work in Progress remains pending before the California Public Utilities Commission.
On Tuesday, California American Water (AWK) closed trading 2.48% higher at $125.53 on the New York Stock Exchange. In the overnight, the stock is trading 0.13% lesser at $125.37.
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