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Mar 31, 2024
Cal Water Q1 2024 Earnings Report
California Water Service Group's Q1 2024 financial results benefited from the California 2021 General Rate Case decision.
Key Takeaways
California Water Service Group reported its Q1 2024 results, which were positively influenced by the finalized 2021 GRC decision, allowing for critical infrastructure investments. The decision increases adopted revenues for 2023 by approximately $41.5 million, retroactive to January 1, 2023, and potentially increases revenues by up to approximately $30.0 million for 2024 and $30.6 million for 2025, subject to CPUC's earnings test and inflationary adjustments.
The 2021 GRC decision provides clarity to stakeholders and enables critical infrastructure investments.
The 2021 GRC decision increases adopted revenues for 2023 by approximately $41.5 million, retroactive to January 1, 2023.
The company secured $83.0 million in funding from the California Extended Water and Wastewater Arrearage Payment Program to relieve customers of past-due balances.
Capital investments during the first quarter of 2024 totaled $109.8 million, a 33.9% increase from the same period last year.
Cal Water
Cal Water
Cal Water Revenue by Geographic Location
Revenue by Geographic Location
California Revenue
CapyFin.com Forward Guidance
The company is set to invest an estimated $215.0 million in PFAS treatment across its operating utilities and work quickly to complete planned projects.