Aqua's application was the first that the PUC has considered since the state enacted Act 12, commonly referred to as fair market valuation legislation.
"We're proud that Aqua is the first to have an acquisition approved by
the PUC under this new legislation," said
The new law allows companies like Aqua to pay a fair market amount for municipal water and wastewater systems, benefitting local governments, customers, and the environment. Prior to FMV legislation, utilities were often limited to including only the original depreciated cost into their rate base, which became a regulatory barrier to a sale. Now, Aqua and other regulated utilities can leverage compliance expertise, purchasing power and operational efficiencies to benefit local systems' infrastructure and service.
"This purchase is all part of Aqua's efforts to do our part to strengthen wastewater infrastructure for communities in the states we serve, which means improved service and environmental stewardship for generations to come," Franklin said.
With the new legislation, Aqua is focused on balancing fair price for
systems, making important infrastructure improvements and ensuring
reasonable rates for its service. Aqua paid
"We're thrilled to welcome
According to Franklin, Aqua expects to grow its customer base 1.5 to 2 percent in 2017.
This release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including, among
others: the company's ability to grow its customer base 1.5 to 2.0
percent in 2017, and the ability of the company to acquire additional
wastewater systems. There are important factors that could cause actual
results to differ materially from those expressed or implied by such
forward-looking statements including: general economic business
conditions, the successful integration of the customers and the
facility, the ability to improve customer service and environmental
stewardship, the success of the company's growth efforts including its
ability to utilize Act 12, and other factors discussed in our Annual
Report on Form 10-K, which is on file with the
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