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SJW-News
SJW-Events
Maine Water Company Merges Rate Districts
The Maine Public Utilities Commission approved a stipulation agreement between The Maine Water Company and the Office of Public Advocate to combine MWC's ten different rate districts into a single unified rate, which marks a big step in the company's continued efforts to improve efficiency, upgrade aging water systems, and maximize the value of our customers' dollars. To limit effects on customers' bills, a transition rate will take effect on Feb. 1 and will adjust over time through future rate filings until the uniform target rate is achieved. The agreement also approves a needs-based financial assistance rate program compliant with recent water affordability legislation in Maine and does not increase the company's overall revenues. "Water infrastructure across the state of Maine is aging and in need of replacement. Uniform rates will provide a more efficient regulatory structure for MWC to make important investments in that infrastructure across the communities we serve. In addition, we are addressing affordability concerns that could accompany these necessary investments." MWC President, Mark Vannoy, said. "At Maine Water, we envision thriving communities built on reliable water and world-class service at affordable rates - today and for generations to come. This decision helps us all get there together."
SJW Group rebrands as H2O America
SJW Group (SJW) announced that it has changed its name to H2O America (HTO) and unveiled a new logo and corporate brand. The company also announced a new Nasdaq ticker symbol, HTO, which takes effect today and replaces its former symbol, SJW. The new name reflects the company's evolution into a national platform while reinforcing its deep, ongoing commitment to the local communities it serves.
SJW Group backs 2025 adjusted EPS view $2.90-$3.00, consensus $2.97
Sees non-linear long-term diluted EPS growth of 5% to 7% through 2029 from 2022 EPS of $2.43.
SJW Group reports Q1 adjusted EPS 50c vs. 36c last year
Reports Q1 revenue $167.6M vs. $149.4M last year. "We are pleased with our financial results for the quarter, which demonstrate the strength of our local water operations and the continued successful execution of our proven business strategy," stated CEO Eric Thornburg. "In Q1, we secured new rates at San Jose Water effective on January 1, 2025, implemented an approved Water Infrastructure and Conservation Charge increase and approval to recover additional revenues through the Water Revenue Adjustment for achieving performance metrics at Connecticut Water, invested $78.2M in maintaining and improving our water supply and infrastructure across our national footprint, putting us on track to meet our 2025 and five-year capital expenditure goals, and implemented capital initiatives to drive sustainable operating efficiencies that benefit customers. We intend to build upon this strong start to the year by continuing to invest in our trusted relationships with all key stakeholders, deliver on and advance our capital expenditures plan, and encourage the culture of service that underlies our success."
SJW Group appoints Kay New as CHRO
SJW Group announced that its board of directors has appointed Kay New as chief human resources officer. In her new role, New will oversee enterprise-wide efforts related to talent development, organizational effectiveness, employee engagement and performance. New most recently served as vice president of rewards and employee experience at Avangrid.
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