Cal Water has received a ruling in its General Rate Case (GRC)-pending before the California Public Utilities Commission (CPUC)-that approves modified interim rates effective beginning April 15, 2023. The ruling allows Cal Water to increase rates by 4% in most of its districts, so that the utility can continue to make infrastructure improvements intended to keep its systems safe and reliable.
Interim rates are allowed by Administrative Law Judges (ALJ) in California when a final decision is delayed beyond the first day new rates were scheduled to be effective. In Cal Water's 2021 GRC filing, also known as its Infrastructure Improvement Plan, rates would have been effective on Jan. 1, 2023 had the CPUC issued a decision before then; however, that proceeding has been delayed. The ALJ had previously approved an interim rates memorandum account beginning Jan. 1, 2023 without a rate increase. Interim rates, which can reduce the compounded effect of delayed recovery, are subject to refund or adjustment depending on the final rates approved.
"We appreciate the ALJ's understanding that inflation impacts Cal Water as well as our customers, and that withholding an interim rate increase could impact customers in the future by requiring higher surcharges on top of anticipated rate increases," said Martin A. Kropelnicki, Group President and CEO. "We are pleased that the CPUC acted to mitigate the impacts from a delayed decision."
Este comunicado de prensa incluye declaraciones prospectivas en concordancia con lo establecido por la Ley de Reforma de Litigios sobre Valores Privados de 1995 ("La Ley"). Tales declaraciones intentan tener la protección de lo dispuesto por las leyes de valores federales para los principios de "puerto seguro" establecidos por esta Ley. Dichas declaraciones se basan en información actualmente disponible, expectativas, estimaciones, presunciones y proyecciones y criterios de manejo sobre la Compañía, la industria de servicios públicos del agua y las condiciones económicas generales. Such words as seek, would, expects, intends, plans, believes, estimates, assumes, anticipates, projects, predicts, forecasts or variations of such words or similar expressions are intended to identify forward-looking statements. Las declaraciones prospectivas no son garantías de acciones futuras. Las mismas están sujetas a los cambios e incertidumbre de las circunstancias. Los resultados reales pueden variar materialmente del contenido de las declaraciones prospectivas. Factors that may cause a result different than expected or anticipated include, but are not limited to: the CPUC's future decisions with respect to Cal Water's 2021 GRC filing; natural disasters, public health crises, pandemics, epidemics or outbreaks of a contagious disease, such as the outbreak of coronavirus (or COVID‐19); governmental and regulatory commissions' decisions, including decisions on proper disposition of property; consequences of eminent domain actions relating to our water systems; changes in regulatory commissions' policies and procedures; the timeliness of regulatory commissions' actions concerning rate relief and other actions; changes in water quality standards; changes in environmental compliance and water quality requirements; electric power interruptions; housing and customer growth trends; the impact of opposition to rate increases; our ability to recover costs; availability of water supplies; issues with the implementation, maintenance or security of our information technology systems; civil disturbances or terrorist threats or acts; the adequacy of our efforts to mitigate physical and cyber security risks and threats; the ability of our enterprise risk management processes to identify or address risks adequately; labor relations matters as we negotiate with unions; changes in customer water use patterns and the effects of conservation; the impact of weather, climate, natural disasters, and diseases on water quality, water availability, water sales and operating results, and the adequacy of our emergency preparedness; and, other risks and unforeseen events. Al considerar las declaraciones prospectivas, usted debe tener en cuenta las declaraciones preventivas que se incluyen en este párrafo, al igual que el informe anual 10-K, el informe trimestral 10-Q y otros informes presentados ocasionalmente ante la Comisión de Valores y Bolsa (SEC, siglas en inglés). La Compañía no asume ninguna obligación de proporcionar actualizaciones de las declaraciones prospectivas por medios públicos.