San Jose Water Files General Rate Case Application Focused on Infrastructure Upgrades and Water System Safety and Resiliency
09 Janeiro 2024 - 7:00PM
Business Wire
The application is designed to ensure reliable
utility infrastructure and service for customers and
communities.
San Jose Water (SJW), a wholly-owned subsidiary of SJW Group
(NYSE: SJW), announced the filing of its 2024 General Rate Case
(GRC) application with the California Public Utilities Commission
(CPUC) for new rates in 2025, 2026 and 2027.
The application proposes a 3-year $540 million capital
investment program to ensure a resilient water system for SJW
customers and its local communities. SJW provides water service to
approximately one million people in the greater San Jose
metropolitan area. The company has served customers since 1866, and
its infrastructure requires continuous replacement before it
reaches the end of its service life. Since 2005, San Jose Water has
invested more than $1.6 billion to upgrade water infrastructure —
ensuring the continued delivery of high-quality and reliable water
service.
“Water remains one of the most critical resources that we rely
on in our daily lives,” said John Tang, Vice President of
Regulatory Affairs at SJW. “Reliable water service is not only
essential for day-to-day function, but also supports fire
protection, economic vibrancy, and environmental conservation
efforts. Thoughtful and consistent capital expenditures are
necessary to ensure clean drinking water and a healthy, natural
environment.”
Every three years, water utilities regulated by the CPUC are
required to submit a filing detailing proposed rate adjustments and
the reasons for these rate adjustments. The CPUC and Public
Advocates Office analyze each aspect of the rate application as
part of a transparent public process to ensure customers pay
reasonable rates. Importantly, customers are given an opportunity
to participate and share feedback during the rate setting
process.
This filing initiates an anticipated 12-month review process by
the CPUC. Water rates proposed in this application are preliminary.
The CPUC will determine final rates following a comprehensive
review process.
Some of the projects proposed for completion during the period
covered by the GRC include:
- Replacing about 24 miles of water mains annually;
- Addressing PFAS-impacted groundwater wells to protect public
health;
- Expanding the non-potable recycled water system to improve
water supply reliability;
- Strengthening the physical security of our water system and
enhancing our readiness to deliver safe and reliable water service
during power interruptions, earthquakes and wildfires;
- Deploying information technology to deliver an improved
customer experience and exceptional customer service;
- Reducing our carbon footprint through the deployment of solar
energy, replacement of diesel generators with backup energy storage
systems, electrification of our fleet, and installation of acoustic
sensors to reduce water loss; and,
- Advancing the CPUC’s Environmental and Social Justice Action
Plan by improving access to high-quality water service, increasing
climate resiliency, and promoting economic and workforce
development opportunities.
About San Jose Water
Founded in 1866, San Jose Water is an investor-owned public
utility, and is one of the largest and most technically
sophisticated urban water systems in the United States. Serving
over one million people in the greater San Jose metropolitan area,
San Jose Water also provides services to other utilities including
operations and maintenance, billing, and backflow testing. San Jose
Water is owned by SJW Group, a publicly traded company listed on
the New York Stock Exchange under the symbol SJW. SJW Group also
owns: Connecticut Water Company in Connecticut; Maine Water Company
in Maine; and SJWTX, Inc. (dba Texas Water Company) in Texas. To
learn more about San Jose Water, visit www.sjwater.com.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, as
amended. Some of these forward-looking statements can be identified
by the use of forward-looking words such as “believes,” “expects,”
“estimates,” “anticipates,” “intends,” “seeks,” “plans,”
“projects,” “may,” “should,” “will,” or the negative of those words
or other comparable terminology. These forward-looking statements
are only predictions and are subject to risks, uncertainties, and
assumptions that are difficult to predict. These forward-looking
statements involve a number of risks, uncertainties and assumptions
including, but not limited to, the following factors: (1) the
effect of water, utility, environmental and other governmental
policies and regulations, including regulatory actions concerning
rates, authorized return on equity, authorized capital structures,
capital expenditures and other decisions; (2) changes in demand for
water and other services; (3) unanticipated weather conditions and
changes in seasonality including those affecting water supply and
customer usage; (4) the effect of the impact of climate change; (5)
unexpected costs, charges or expenses; (6) our ability to
successfully evaluate investments in new business and growth
initiatives; (7) contamination of our water supplies and damage or
failure of our water equipment and infrastructure; (8) the risk of
work stoppages, strikes and other labor-related actions; (9)
catastrophic events such as fires, earthquakes, explosions, floods,
ice storms, tornadoes, hurricanes, terrorist acts, physical
attacks, cyber-attacks, epidemic, or similar occurrences; (10)
changes in general economic, political, business and financial
market conditions; (11) the ability to obtain financing on
favorable terms, which can be affected by various factors,
including credit ratings, changes in interest rates, compliance
with regulatory requirements, compliance with the terms and
conditions of our outstanding indebtedness, and general market and
economic conditions; and (12) legislative, and general market and
economic developments. The risks, uncertainties and other factors
may cause the actual results, performance or achievements of SJW
Group to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Results for a quarter are not
indicative of results for a full year due to seasonality and other
factors. Other factors that may cause actual results, performance
or achievements to materially differ are described in SJW Group’s
most recent Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and Current Reports on Form 8-K filed with the SEC.
Forward-looking statements are not guarantees of performance and
speak only as of the date made. SJW Group undertakes no obligation
to publicly update or revise any forward-looking statement, whether
as a result of new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240109270661/en/
Media Contact John Tang, VP Regulatory Affairs
John.Tang@sjwater.com
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