The York Water Company Announces Settlement of Rate Case
18 January 2014 - 3:00AM
Jeffrey R. Hines, President and CEO of The York Water Company
(Nasdaq:YORW) announced today that the Pennsylvania Public
Utility Commission (PPUC) approved a settlement at its January 9,
2014 meeting, allowing an increase in base rates for water and
wastewater customers of The York Water Company. The settled rates
provide for cost recovery for York Water, while maintaining
affordability to customers.
Hines stated, "We believe this is a fair and reasonable
settlement that allows us to recover approximately $48 million
investment in system improvements and infrastructure replacements,
and allows us to continue to meet the current and future needs of
our customers."
As examples of included investments, Hines cited "investments to
reinforce, replace and reline about 3% of the Company's water mains
in order to reduce costs associated with main breaks and leaks and
to provide improved customer service and reliability." Hines
further highlighted "investments to provide increased protection in
case of emergencies; increased water quality and operational
efficiency through upgrades to facilities and equipment; improved
water and wastewater treatment plants and other facilities to
better meet current and upcoming regulations; and upgrades to other
infrastructure including York's water supply dams."
The settlement approved by the PPUC affects approximately 64,000
water customers throughout York and Adams Counties, PA and 230
wastewater customers in the Asbury Pointe Subdivision of York
County, PA.
It is estimated that the settlement will increase the average
residential water bill for customers using 4,257 gallons from
$39.18 per month to $42.26 per month, or just over $3 per month.
Hines commented that "even with the increase, the cost of water
service for our average customer is about one penny per
gallon." The wastewater bill for York Water's customers in the
Asbury Pointe Subdivision will increase from $40 per month to $50
per month.
The settlement allows for an increase of approximately $5
million in annual revenue. The Company filed the rate request
with the PPUC on May 29, 2013. The new rates are effective on
February 28, 2014.
CONTACT: Jeffrey R. Hines, President and CEO
Kathleen M. Miller, Chief Financial Officer
Phone: 717-845-3601
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