CORRECTING & REPLACING Aqua America Will Continue to Be Part of Solution to Address Crumbling U.S. Water & Wastewater Infrast...
03 February 2018 - 8:20AM
Business Wire
Please replace the release dated February 1, 2018 with the
following corrected version due to revisions.
The corrected release reads:
AQUA AMERICA WILL CONTINUE TO BE PART OF
SOLUTION TO ADDRESS CRUMBLING U.S. WATER AND WASTEWATER
INFRASTRUCTURE
The 2018 State of the Union addressed ways that companies like
Aqua America (Aqua) can play a role in solving the United States’
crumbling infrastructure challenges. Aqua’s chairman and CEO
confirmed today the company is prepared and ready to continue
investing in and repairing the country’s aging water and wastewater
systems.
“The road to repairing and replacing water and wastewater
infrastructure in the United States should include regulated water
utilities that have access to low-cost capital and whose primary
focus is water and wastewater,” said Chris Franklin. “As one of the
largest water and wastewater utilities, Aqua is poised to answer
the call and step in to make real improvements for communities.
Action needs to be taken now.”
The American Society of Civil Engineers issued a 2017
Infrastructure Report Card, giving U.S. water infrastructure a “D”
and wastewater infrastructure a “D+”. Fixing these problems will
require significant investment but it can be done in a prudent and
timely manner. According to the American Water Works Association,
it will cost an estimated $1 trillion to maintain and expand
drinking water service to meet demands over the next 25 years.
A majority of Americans receive their drinking water from one of
more than 51,000 community water systems, managed by local
governments. While many municipally managed systems are well-run,
there are many others that do not have the ability to properly fund
necessary upgrades to their water and wastewater systems. In these
instances, Franklin believes infrastructure investment from
regulated water providers can go to work to revitalize water and
wastewater infrastructure throughout the country.
“My request of Congress for infrastructure investment is to let
private capital be a larger part of the solution,” Franklin
said.
Aqua is a leader in partnering with municipalities that are
struggling to maintain their systems, whether because of water
quality issues, critical infrastructure investment needs, or
budgetary constraints. By leveraging compliance expertise,
purchasing power and operational efficiencies, Aqua is able to
inject much-needed investment into the systems and develop the
infrastructure required for clean drinking water and wastewater
services.
Over the past five years, Aqua has invested more than $1.5
billion in infrastructure improvements, including hundreds of miles
of pipe replacement and plant upgrades to enhance water
quality. In 2017, Aqua invested more than $450 million on
infrastructure projects across its eight-state foot print, helping
to ensure safe and reliable water for all customers.
“Regulated utilities like Aqua recognize that the state of the
nation’s infrastructure is a serious issue, and Aqua is committed
to being part of the solution,” said Franklin.
Aqua America is one of the largest U.S.-based, publicly traded
water utilities and serves nearly 3 million people in Pennsylvania,
Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana and
Virginia. Aqua America is listed on the New York Stock Exchange
under the ticker symbol WTR. Visit AquaAmerica.com for more
information.
Caution Concerning Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, among others: the company’s expected ability to continue
to invest in the United States’ water and wastewater
infrastructure, the continuation of the company’s growth strategy,
and the company’s expected ability to repair and replace water and
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: the company's
continued ability to adapt itself for the future and build value by
fully optimizing company assets; general economic business
conditions; the company's ability to fund needed infrastructure;
availability and access to capital; the cost of capital;
disruptions in the credit markets; municipalities willingness to
privatize its water and/or wastewater utilities; and other factors
discussed in our Annual Report on Form 10-K, which is filed
annually with the Securities and Exchange Commission. For more
information regarding risks and uncertainties associated with Aqua
America's business, please refer to Aqua America's annual,
quarterly and other SEC filings. Aqua America is not under any
obligation - and expressly disclaims any such obligation - to
update or alter its forward-looking statements whether as a result
of new information, future events or otherwise.
WTRG
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Aqua AmericaStacey HajdakMarketing &
Communications610-520-6309SMHajdak@AquaAmerica.com
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